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?

How Would a Default Affect Me?

A default could cause layoffs by businesses unable to borrow money for payroll and other needs; credit markets could freeze and interest rates would soar. Safety nets like Social Security payments and food stamp assistance also could be at risk.

(Photo: GettyImages)

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