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

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  • Why Does the U.S. Even Need a Credit Limit?
  • 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?

When Will the U.S. Reach the Debt Ceiling?

According to Treasury Secretary Jacob Lew, as of Oct. 17, his department will have exhausted all "extraordinary measures" to prevent a default. "There are no other legal and prudent options to extend the nation's borrowing authority," he wrote in a letter to Congress.

(Photo: Mark Wilson/Getty Images)

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