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Until this point it would have been natural to assume that Congress would put aside partisan concerns and increase our borrowing capacity, as it has done 74 times since 1962. However, with the Aug. 2 deadline nearing and both parties continuing to bicker, investors need to consider how the looming debt-ceiling debacle could play out in our portfolios.

What’s at stake if the United States fails to pay its bills? No one knows for sure, but things could get ugly.

• Last month, the…

The Debt Ceiling and You: Is It Time to Panic? originally appeared on DailyFinance.com on 2011-07-29T17:00:00Z.

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