If the US fails to increase its debt ceiling by June 1, it could be forced into an embarrassing – and hugely costly – default on its obligations.
- Deputy Chair of Business Administration, Touro University
House Speaker Kevin McCarthy agreed to raise the debt ceiling – and avoid an unprecedented US default – but only if Democrats agree to freeze spending and agree to several other demands.
As President Biden begins meeting with congressional leaders to resolve the debt ceiling showdown, an economist warns the consequences of a default could be dire.
An economist explains why defaulting on the national debt would result in economic crisis.
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