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U.S. could default as early as Oct. 18

A new study predicts the United States could default on its obligations as early as Oct. 18 if Washington fails to agree on legislation to raise the government's borrowing cap.

By Andrew Taylor | Updated on September 10, 2013

WASHINGTON (AP) — The United States could default on its obligations as early as Oct. 18 if Washington fails to agree on legislation to raise the government’s borrowing cap, a new study predicted Tuesday.

The Bipartisan Policy Center analysis says the default date would come no later than Nov. 5 and that the government would quickly fall behind on its payments, including Social Security benefits and military pensions.

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