Treasury Secretary Janet Yellen warned the US would default on its debt in early June if Congress did not raise the debt ceiling.
The national debt of the United States is now six times what it was at the beginning of this century. Despite growing debts, the country has never defaulted on its payments.
However, the US has reached its borrowing limit of $31.4 trillion. This means the government could run out of cash to pay the bills in less than 5 months. It also puts Congress on the clock – raising or suspending the debt ceiling.
But getting lawmakers to agree on what actions to take is arguably an uphill battle.
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