The U.S. may not have enough money to pay its bills as soon as June 1. At that point, it's unclear when and to whom the government would dole out funds.
The market for Treasury bonds — worth about $24 trillion — is the "largest and deepest bond market in the world," according to a Wells Fargo research note.
"What does the world look like when nowhere is safe?" the economist said, posing a theoretical question.Ratings agencies would likely downgrade U.S. debt. Government borrowing costs would increase, as would those for households which have credit cards, mortgages, auto loans and other debt, which is linked to the U.S. Treasury market.Putting boldholders first inevitably puts others second.
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