Global Chaos Looms If US Debt Default Occurs

The US government is currently engaged in what could be one of the most costly games of chicken in history.

If Democrats and Republicans do not agree to allow the US to borrow more – or, in their language, raise the debt ceiling – the world’s biggest economy will default on its $31.4 trillion (£25tn) debt.

They have to reach an agreement by the ominous sounding “X-date” of 1 June.

But if they don’t, what could that mean for other countries – and you?

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