Wall Street, the Fed and money managers are betting there will be a deal to raise the U.S. debt ceiling, but are making backup plans for what they are calling “uncharted territory” in case they’re wrong.

“… you can see this coming; it’s being telegraphed,” said Reuters Markets Editor David Gaffen. “And yet there will still be a reaction right around when this whole thing happens, right around the beginning of August, August 2 or whenever that date is. And there will probably be some sort of freak-out at that time.”

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