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Default Might Not Meet Apocalyptic Predictions—and That Could Be a Disaster

In British tabloid journalism, “reverse ferret” is what an editor yells in the newsroom to declare that the newspaper’s position on an issue has changed. A lot of American experts may be forced to go into reverse ferret mode after Oct. 17 if the U.S. busts through the debt ceiling and, contrary to warnings, nothing much happens right away.

President Obama doubled down on his debt-ceiling warning at a press conference today, saying the U.S. economy risks a “very deep recession” if Congress doesn’t raise the $16.7 trillion ceiling.