Delayed Payments In 1979 Offer Glimpse Of Default's Consequences

1979 Offers Glimpse Of Default's Consequences

The Sunday airwaves brimmed once again with talk of what would - or would not - happen if lawmakers fail to meet the Aug. 2 deadline to raise the nation's legal limit on borrowing. Unmentioned by either side was an obscure bit of budgetary history in which the country did default on some of its bills, and wound up paying the consequences.

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