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How a U.S. debt default would affect American households

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Americans will pay more to borrow money after the Federal Reserve raised interest rates another quarter point. This is the tenth hike just this year, as part of a larger effort to curb inflation. Fed Chair Jerome Powell did hint that the stream of hikes may pause -- after the collapse of three banks. This as the President and Republicans are locked in tense stalemate over another economic issue - the debt limit.

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