Here are 7 debt-default doomsday scenarios

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Faced with some Republicans shrugging their shoulders at the thought of the U.S. defaulting on its debt obligations for the first time ever, notable economists are warning that the consequences would be the economic equivalent of a swarm of frogs and a plague of locusts.

Here are seven of the most immediate and severe side-effects if lawmakers fail to raise the debt ceiling in time to avoid default:

1. Depression and unemployment

2. Dollar down, prices and rates up

3. Down go your investments

4. Social Security payments halt

5. Banking operations freeze up

6. Money market funds break

7. Global markets walloped

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