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What the Debt Ceiling Battle Means for Your Money
Posted
May 23, 2023
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May 23, 2023
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1:00Now PlayingThe battle over raising the debt ceiling has threatened to rattle markets and wreak havoc on the US economy. Bloomberg's Claire Ballentine explains.
Political leaders in Washington have been arguing for months over the federal debt limit and the conditions under which to raise it. Failure to come to an agreement would mean a first-ever default on some of the government’s obligations.
The debt ceiling is essentially a cap on US government borrowing, right now at nearly $31.4 trillion. Since January, Treasury Secretary Janet Yellen has been using special measures to avoid a payment default, but she’s warned that the Treasury risks running out of cash for its obligations as soon as June 1. JPMorgan CEO Jamie Dimon and other bank executives have warned of dire consequences if a deal isn’t reached.
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