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US default
A US default is the United States government actually failing to fulfil a financial obligation, including repaying a loan or interest on that loan. The government borrows mostly by selling bonds to individuals and governments, with a promise to pay back the amount of the bond in a certain time period and agreeing to pay regular interest on that bond at the same time. A US default would be disastrous for the world economy.
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- Part of Speech: proper noun
- Synonym(s):
- Blossary:
- Industry/Domain: Government
- Category: American government
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