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White House warns default will damage US democracy

A US Secret Service Uniform Division Officer secures Pennsylvania Avenue in front of the White House October 3, 2013The White House warned Monday that the idea of a self-inflicted national default was "a terrible" scenario that would damage America's democracy, credit and global standing for years. Top officials somberly warned there was no other plan than for Republicans to raise the $16.7 trillion US borrowing limit by October 17.