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Art Rolnick

Default and the economy

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Obama Debt Press Conference
President Barack Obama speaks in a rare prime-time address to the nation from the East Room of the White House on July 25, 2011 in Washington, DC. Obama urged passage of a resolution to the problem before the nation defaults on payments of the national debt.
Jim Watson-Pool/Getty Images

The U.S. economy has a tough couple of years, but is showing signs of a slow recovery. But if the federal government defaults on its debt obligations, will it mean a giant step back for the fragile economy?

Economists are not in agreement about what would happen, and we'll talk about possible economic scenarios.

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Obama Debt Press Conference
President Barack Obama speaks in a rare prime-time address to the nation from the East Room of the White House on July 25, 2011 in Washington, DC. Obama urged passage of a resolution to the problem before the nation defaults on payments of the national debt.
Jim Watson-Pool/Getty Images