What would a US default look like?

WASHINGTON: Nobody knows exactly when America would default on its bills if Congress fails to raise a cap on government borrowing. But the recent past gives a pretty good idea of how a default could unfold.

Even the Treasury Department can't know how much tax revenue will come in each day after Oct 17, when it expects to hit its US$16.7tril debt ceiling. Nor can officials anticipate exact costs, such as how many people will apply for jobless benefits that week.