Debt, deficits, defaults and downgrades: a toxic cocktail threatening the good faith and credit of the nation, and the well being of the economy.

FOX News Radio White House Correspondent Mike Majchrowitz looks at what might happen to the economy in Part 5 of a special series: "Government Default: What Does It Mean?"...

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"We are as we have always been: a safe harbor."

...White House Spokesman Jay Carney on the appeal of loaning to Uncle Sam.  But the nation's Triple-A credit rating is at risk if the government defaults - a downgrade would force the government to pay higher interest rates.  Ron Haskins, a former White House Economic Advisor, says even a half a percent increase would hurt...

"Over a decade, that could cost $1.3 trillion."

And simply raising the debt ceiling may not be enough.  Nikolai Swann with Standard & Poors says the nation needs $4 trillion in deficit reduction...

"If that does not happen, we would expect a downgrade."

That would also drive up borrowing costs for all Americans, for buying a house, a car or running a business.  Making the government's problem our problem, too.

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Listen to Parts I-IV of our FOX News Radio special series "Government Default: What Does It Mean?" HERE.