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The U.S. government reached its debt limit. Now what?

The logo of the US  Treasury Department is seen on the outside of the Treasury building in Washington.
The logo of the US Treasury Department is seen on the outside of the Treasury building in Washington.

Today, the government is scheduled to reach its debt limit. It’s a 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.

Treasury Secretary Janet Yellen has warned that without swift action, the government could default on its loans as early as June.

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? We convene a panel of experts to talk about it.

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Lauren Hamilton