On September 21, 1995, house speaker Newt Gringrich threatened to send the United States into default on its debt for the first time in the nations history , to force Clinton's administration to balance the budget on republicans terms.the same day , the interest rate on 30 year U.S government bonds rose from 6.46 to 6.55 percent , and the dollar fell in value from 102.7 to 99.0 yen .Use the model of the large open economy to explain this event.