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It's a draw. Whenever all remaining players lose at the same time, the game ends in a draw. From the Basic Rulebook, under "Winning the Game: If both players would lose the game at the same time, the game is a draw—nobody wins. Similar information is repeated under the glossary for "Life total" and "draw the game".
The game is a draw. MTG's rules are not designed to try to prevent draws. This is perhaps most evidenced by the card Divine Intervention which can specifically cause the game to end in a draw.
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