At Midnight, Thursday, the United States of America will lose the ability to borrow money it has already spent unless the debt ceiling- a limit on the total amount the government can borrow that Congress imposed on itself- is raised by passing legislation. Except for critical activities such as national security, the government will cease operations. More importantly, it will stop making payments to holders of Treasury bonds and securities.
What do you think the impact might be on the US and world economies? How might it affect you personally?
What Does the Debt Ceiling Crisis Mean to You?
At Midnight, Thursday, the United States of America will lose the ability to borrow money it has already spent unless the debt ceiling- a limit on the total amount the government can borrow that Congress imposed on itself- is raised by passing legislation. Except for critical activities such as national security, the government will cease operations. More importantly, it will stop making payments to holders of Treasury bonds and securities.
What do you think the impact might be on the US and world economies? How might it affect you personally?