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    Banks Start Thinking About A Worst-Case Default Scenario

    NEW YORK (TheStreet) — Unless Congress can agree on a deal, on Oct. 17 the U.S. government could hit its debt ceiling and not be able to pay what it owes.

    Normally it’s just a date on the calendar stuck innocuously between Columbus Day and Halloween. This year, it’s the date the U.S. Treasury Department says it’s basically broke (it will have about $30 billion in cash, and any tax money that happens to roll in).

    It’s hard to imagine Washington pols won’t agree to a deal before then, but one bank isn’t taking any chances…

    Click to read the full story

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