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Analyst: Debt default would be catastrophic

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Hitting the U.S. debt ceiling would be catastrophic for America and the entire world, says famed businessman Erskine Bowles, former co-chair of the president's bipartisan debt commission and co-founder of the Campaign to Fix the Debt. Per CNBC:

 "We need to get through these man-made crises" and get to the real issues of reducing the nation's debt, he said Wednesday on CNBC's "Squawk Box." Bowles—also White House chief of staff under President Bill Clinton—spoke on the second day of the government shutdown and a couple weeks until the debt ceiling deadline.

"This shutdown is bad. It's painful. It does hurt some people. It costs the taxpayers some real money. But it's not catastrophic. We hit this debt ceiling, That's catastrophic," Bowles said.

Source: CNBC
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