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Last updated on Friday, July 29, 2011
(MUNCIE, IN) - Despite earlier reports, a Ball State Finance Professor says the United States has defaulted on debts in the past.
Dr. Terry Zivney says the nation defaulted on its debts in 1979 to the amount of about $122-million dollars.
Dr. Zivney says the default caused over a billion dollars in increased interest payments. However, he says the economy was smaller back in 1979.
Another default this year, he says, would cost the country a significantly higher amount.
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