The United States has hit its debt ceiling, triggering a political battle in Congress.
The White House has sought to guarantee Americans that Congress will discover a bipartisan resolution to keep away from a debt default.
That’s after the nation hit its $31.four trillion borrowing restrict on Thursday final week.
Congress normally votes and agrees to lift the restrict, because it did the final time in 2021.
But the standoff in Washington this time appears considerably riskier.
Some Republicans have declared they gained’t elevate the borrowing ceiling once more except President Joe Biden agrees to steep cuts in federal spending.
So what occurs subsequent?
And what impact does all this have on the worldwide economic system?
Presenter: Laura Kyle
William Lee, Chief economist on the Milken Institute.
Laura Blessing, Senior fellow, Government Affairs Institute at Georgetown University.
June Park, Schmidt Futures Asia fellow on the International Strategy Forum.