What could happen if the U.S. Congress doesn’t raise the debt ceiling and defaults on U.S. financial obligations.
In this episode you’ll learn:
- What is the federal debt ceiling and why does Congress always wait until the last minute to raise it.
- How long has the debt ceiling been in place.
- What would be the consequences of default by the U.S. government on its obligations.
- Why does the government continue to run a budget deficit instead of a surplus.
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