A violation of the debt limit by the U.S. could have serious consequences, even if a bond payment isn't missed, many industry experts say. "Once you stop paying in one sector, where you stop that, how you have certainty that you're going to pay in other sectors, is an open question," SIFMA's Rob Toomey told members of a panel organized by Rep. Maxine Waters, D-Calif. "That uncertainty, again, has to be priced in." Read SIFMA's statement on the debt-default threat.

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