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Congress has until around August 2 to raise the legal limit on debt, or the United States will risk going into default, according to the U.S. Treasury Department. As Democrats and Republicans continue rocky negotiations to strike a deal on the debt limit increase, both sides have stepped up the rhetoric on the showdown. But both sides agree that a default would be bad for America's government and its economy. Here is a look at some of the possible consequences, if the government is no longer able to meet its financial obligations.