The U.S. hit its $31.4 trillion debt ceiling on January 19, 2023, forcing the Treasury Department to take extraordinary measures to allow the federal government to continue paying its bills in full and on time. One hundred days into the new Congress, however, little progress has been made on any bipartisan deal to lift the debt ceiling to keep pace with the national debt. Should Congress fail to act within the next few months, a debt default could ensue. Here are Five Facts about the debt ceiling and the implications of a default.
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