The U.S. Government Reached its Debt Limit. Now What?
The government has reached its "debt limit:" the cap on borrowing that, if breached, could send the U.S. and global financial markets into a tailspin.To avert such a crisis, Congress must vote to raise the debt ceiling and increase the amount the government is able to borrow.But despite urgent pleas from Democrats, House Republicans are stalling on the vote and using their narrow majority to demand spending cuts.How soon can we expect Congress to negotiate and pass a debt limit increase? What will our country's financial future look like if the stalemate drags on?Want to support 1A? Give to your local public radio station and subscribe to this podcast. Have questions? Find us on Twitter @1A.