If deadline passes, U.S. is expected to cut government to make good on debts

10/9/2013 | Bloomberg

The U.S. Treasury is likely to make good on the nation's debts with tax funds at the expense of other government functions and the U.S. economy, according to economists at Goldman Sachs, IHS and BNP Paribas. "The cutting would be so huge it would put the U.S. back into recession," said Jim O'Neill, former chairman of Goldman Sachs Asset Management and now a Bloomberg View columnist.

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