USA Today Episodes Around January 18, 2023
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1:30Now PlayingWhat happens if the US hits the debt ceiling? Here's what we know | JUST THE FAQs
Jan 18, 2023·7.3K views
January 18, 2023
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1:30Now PlayingHere's what we know about the debt ceiling, and what happens if it isn't raised.
RELATEDDebt ceilingWill it be raised and what could happen if it doesn't?
Fears of the federal government hitting its "debt ceiling" have spiked after Treasury Secretary Janet Yellen sent a letter to party leaders in Congress last week urging them to raise the limit before the expected deadline Thursday.
Congress can avert economic disaster by increasing or suspending the limit, as it has done numerous times in the past. But House conservatives are threatening to delay the process by demanding deep spending cuts a Democratic Senate and White House have already signaled they won't accept.
Economic experts say failure to raise the ceiling would have national and worldwide economic consequences, and Americans would feel the impact in numerous ways.
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