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Brad Miller: Debt default consequences 'far worse than Congress knows'

Former North Carolina Congressman Brad Miller, a Raleigh Democrat, says "he consequences of default on the national debt may be far worse than Congress knows. In fact, it’s hard to tell what Congress knows."

In an op-ed for Politico, Miller continues: "Congress must know that a default will most likely result in a credit downgrade and increase the interest rate on government borrowing, a needless increase in the cost of America’s debt service by hundreds of billions of dollars over the next decade or two. But there is so much more that could go wrong in a dimly understood and still fragile financial system." Read the whole piece here.

Fix the Debt campaign makes another pitch

The North Carolina chapter of the national Fix the Debt campaign reacted Wednesday to the last-minute deal to avert the fiscal cliff, but vowed to keep up the pressure on politicians in Washington to come up with a long-term solution.

In a teleconference with reporters, co-chairman Bob Ingram, the retired CEO of GlaxoSmithKline, and Mary-Ann Baldwin from the Raleigh City Council, continued the effort begun in November when the group kicked off its campaign. Fix the Debt is a national effort promoting a way out of the federal debt by building on recommendations from the Simpson-Bowles commission.

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