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How would a U.S. debt default play out in Texas?

May 18, 2023
Half a million jobs could be lost in the second-biggest state economy. Pensioners, the food insecure and many others could suffer.
Treasury chief Janet Yellen has warned that the federal government could run out of money by June 1. Moody’s estimates that in a default, the giant Texas economy could lose more than half a million jobs.
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More optimistic about the recovery, big banks trim the reserves they set aside to cover bad loans

Oct 14, 2020
But if we're in for a double-dip recession, they'll need to set aside billions more than they currently have on hand.
Big banks, like JPMorgan Chase, are feeling more confident about the economic recovery after solid third quarter earnings.
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