Breaching the debt ceiling is not the same as a government shutdown. Its consequences could be dire

Lucas Rengifo-Keller 

On January 19, 2023, US Treasury Secretary Janet Yellen told Congress that the United States had reached its current debt ceiling of $31.381 trillion and begun taking “extraordinary measures” so the government could continue paying its bills. But when the government exhausts these measures and runs out of cash, likely in late summer of 2023, it will have to borrow more money or it won’t have enough revenues to pay its bills, including service existing debt, leading to a possible debt default.


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