The United States government has a history of paying its bills on time. Many people, however, are worried about what would happen if the U.S. defaults on debt that it owes lenders. Default means to fail to do what rule or law requires. In finance, it means being unable or unwilling to pay back loans. “No corner of the global economy will be spared” if the U.S. government defaulted and the problem were not solved quickly, said Mark Zandi. He is chief economist at Moody’s Analytics, a risk advising business. The Associated Press reports that Zandi and two of his coworkers suggested that, even if the U.S. did not pay its debt for only a week, 1.5 million jobs in the U.S. could be lost. If the default were to last longer into the summer, Zandi’s team’s research suggests 7.8 million jobs could be lost. And they estimate a huge decrease in the stock market would cause a $10 trillion loss in household wealth.
Title: Failure of US to Pay Debt Raises Fears of Financial Crisis
Content: <div id='article-page'><div id='article-content' data-media-url='//news-app-staging.s3.amazonaws.com' data-base-url='//news-app-staging.herokuapp.com' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5868/T25.wav' data-capture-url='//staging.analytics.lingraphica.com/events/capture_news' data-article-title='Failure of US to Pay Debt Raises Fears of Financial Crisis' data-article-id='6474'><script src='//news-app-staging.herokuapp.com/javascripts/getscripts.js'></script><link rel='stylesheet' href='//news-app-staging.herokuapp.com/stylesheets/article.css' type='text/css' /><div class='article'><p><span data-start-time='0' data-end-time='8729'>The United States government has a history of paying its bills on time.</span> <span data-start-time='8729' data-end-time='20688'>Many people, however, are worried about what would happen if the U.S. defaults on debt that it owes lenders.</span> <span data-start-time='20688' data-end-time='27813'>Default means to fail to do what rule or law requires. </span> <span data-start-time='27813' data-end-time='35354'>In finance, it means being unable or unwilling to pay back loans.</span> <span data-start-time='35354' data-end-time='48521'>“No corner of the global economy will be spared” if the U.S. government defaulted and the problem were not solved quickly, said Mark Zandi. </span> <span data-start-time='48521' data-end-time='56354'>He is chief economist at Moody’s Analytics, a risk advising business.</span> <span data-start-time='56354' data-end-time='75542'>The Associated Press reports that Zandi and two of his coworkers suggested that, even if the U.S. did not pay its debt for only a week, 1.5 million jobs in the U.S. could be lost.</span> <span data-start-time='75542' data-end-time='87896'>If the default were to last longer into the summer, Zandi’s team’s research suggests 7.8 million jobs could be lost. </span> <span data-start-time='87896' data-end-time='98250'>And they estimate a huge decrease in the stock market would cause a $10 trillion loss in household wealth.</span> </p></div><div class='control-buttons-sticky' style='display:none;'><div class='control-buttons'><button title='Back' class='back' disabled='disabled'></button><button title='Play' class='play' disabled='disabled'></button><button title='Pause' class='pause' style='display:none;'></button><button title='Forward' class='forward' disabled='disabled'></button><button class='finished-reading' style='display:none;'>Done</button></div></div></div><div id='article-media'><div id='media-image'><img src='https://news-app-production.s3.amazonaws.com/articles/5868/T25.jpg'/></div></div><div id='question-content' style='display:none;'><div class='sentence_completion_question question-container' data-question-id=19459 data-hint-location='0' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5868/the_united_states_government_has_a_history_of_paying_its__blank__on_time.wav'>The United States government has a history of paying its <span class='blank'>bills</span> on time.</div><div class='choices' data-correct-choice='bills'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5868/frills.wav'><span>frills</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5868/windowsills.wav'><span>windowsills</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5868/bills.wav'><span>bills</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5868/hills.wav'><span>hills</span></div></div></div><div class='multiple_choice_question question-container' data-question-id=19460 data-hint-location='75542' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5868/according_to_the_estimate_in_the_article_how_many_jobs_could_be_lost_due_to_a_debt_default.wav'>According to the estimate in the article, how many jobs could be lost due to a debt default?</div><div class='choices' data-correct-choice='7.8 million'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5868/78_million.wav'><span>7.8 million</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5868/78_billion.wav'><span>78 billion</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5868/7_thousand.wav'><span>7 thousand</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5868/70_million.wav'><span>70 million</span></div></div></div><div class='vocabulary_question question-container' data-question-id=19461 data-hint-location='27813' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5868/which_of_the_following_is_a_definition_of_the_word_default.wav'>Which of the following is a definition of the word default?</div><div class='choices' data-correct-choice='unable or unwilling to pay back loans'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5868/unable_or_unwilling_to_pay_back_loans.wav'><span>unable or unwilling to pay back loans</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5868/move_along_at_a_steady_pace.wav'><span>move along at a steady pace</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5868/wipe_away_for_clarity.wav'><span>wipe away for clarity</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/5868/remove_salt_from_something.wav'><span>remove salt from something</span></div></div></div><div class='question-buttons'><button class='skip-button'></button><button class='hint-button'></button><button class='speak-button'></button></div></div></div>
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