Everything You Need to Know About the Debt Ceiling Crisis – Again

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  • How Many Times Has the Debt Ceiling Been Raised?
  • When Will the U.S. Reach the Debt Ceiling?
  • What Will Happen If It Isn't Raised?
  • How Would a Default Affect Me?
  • So Why Are Congress and the White House Arguing About This?
  • The Sky May Actually Fall
  • What Is the Federal Debt Ceiling?
  • What Is the Current Debt Ceiling?
  • Why Does the U.S. Even Need a Credit Limit?

What Will Happen If It Isn't Raised? 

Treasury would not be able to borrow the money it needs to make up the difference between government spending and revenues. In addition, a default could cause another economic crisis that would undo the continuing recovery from the last one. 

(Photo: PAUL J. RICHARDS/AFP/Getty Images)

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