Don’t you sometimes wish your bank would give you an unlimited credit line?
Well, the U.S. government has the next best thing: over the past 60 years, they have raised their debt limit almost 80 times, and most of these increases have been drama-free.
But things are not as easy today. According to U.S. Treasury Secretary Janet Yellen, the government is expected to reach its borrowing limit on Monday, June 5th. This situation allows very little room for error, as lawmakers are racing against time to prevent the U.S. from defaulting on its enormous $31.4 trillion debt, which serves as the foundation for the global financial system.
But with just a few days remaining until the deadline, the House of Representatives has passed the bill to raise the debt ceiling once more. This is despite some defections on both sides of the aisle.
But tensions remain high as Americans wait for the Senate to give the nod — even at this level, things could still go either way.
Since there hasn't been a debt default before, it’s pretty tricky to say exactly what will happen if the Senate doesn’t approve.
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