, but it actually wouldn't be the first time the US didn't pay its bills on time.
The minor snafu ended up costing the US billions of dollars in the long term, researchers later found — underscoring just how serious the repercussions of a full default would be.Under the Carter administration in late April and early May of 1979, the US defaulted on some Treasury bills. "Payment delays were chiefly due to back-office technical and organizational problems," according to a, a nonpartisan public policy research institute of Congress.
"The US Treasury's check issuance operations were also in the midst of a relocation and word processing equipment failed unexpectedly," the report said.researchers Terry Zivney and Richard Marcus said the Treasury blamed the delay on"an unprecedented volume of participation by small investors, on failure of Congress to act in a timely fashion on the debt ceiling legislation in April, and on an unanticipated failure of word processing equipment used to prepare check schedules.
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