Dimon: 'US can not and will not default'

The White House

The U.S. shouldn’t risk defaulting on its debt because doing so would wreak havoc in the world’s economy and financial markets, said the heads of JPMorgan, Deutsche Bank and Pacific Investment Management.

Here are 7 debt-default doomsday scenarios

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Faced with some Republicans shrugging their shoulders at the thought of the U.S. defaulting on its debt obligations for the first time ever, notable economists are warning that the consequences would be the economic equivalent of a swarm of frogs and a plague of locusts.

Debt ceiling a flaw in the system: Hank Paulson

Hank Paulson Interview Pic

The current standoff between President Barack Obama and Republicans leaders is different from the 2008 financial crisis because this crisis is "self-inflicted," former Treasury Secretary Hank Paulson told CNBC Thursday.