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It is now expected that the $12.104 trillion debt ceiling could be breached by the end of November.
It is also expected that lawmakers will raise the ceiling, as they have done more than 90 times since 1940 -- eight of them since 2002.
If they don't, the government could be forced to shut down. But that's not the worst that could happen.
The reason lawmakers will eventually approve an increase is because without one ultimately the value of U.S. bonds would sink, jeopardizing the portfolios of countries and investors around the world who invest in U.S. debt.