Wall Street experts, who only a few days ago dismissed a debt default as a near-impossibility, are now having to come to grips with a worst-case scenario that no longer seems so far-fetched.
Consensus opinion had it that Washington politicians, for all their partisan rancor, would never be so irresponsible as to allow the U.S. to miss even a debt interest payment.
But with both sides recalcitrant and no progress made in negotiations, strategists and economists are beginning to caution clients that the probability of default is rising.
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