Consequences of the Debt-Ceiling Standoff Are Already Here

Consequences of the Debt-Ceiling Standoff Are Already Here
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Pain will stretch from the repo market to household mortgages.

Debt-ceiling negotiations at the White House on May 9.

Photographer: Anna Moneymaker/Getty Images North America

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On this Treasury Secretary Janet Yellen and JPMorgan CEO Jamie Dimon agree: A US government default on its debt obligations would be potentially catastrophic. Dimon said even getting too close to the brink could create a financial panic.