If an agreement between the White House and Republicans doesn’t happen soon, the Congressional Budget Office says that the country would have to stop paying its debts sometime after October 22. That will make the United States of America the first major power to default after Nazi Germany, says Bloomberg:
Reneging on its debt obligations would make the U.S. the first major Western government to default since Nazi Germany 80 years ago.
Germany unilaterally ceased payments on long-term borrowings on May 6, 1933, three months after Adolf Hitler was installed as Chancellor. The default helped cement Hitler’s power base following years of political instability as the Weimar Republic struggled with its crushing debts.
Another reason to be proud, Washington.
