OnPolitics: We've reached the debt ceiling. Now what?
Hey OnPolitics readers, it's Thursday and we're back with the top news out of Washington.
The biggest news of the day is that the United States has hit its lending limit, aka the debt ceiling.
So what does it mean? Our reporters explain:
This isn't new. Although the U.S. has been in this position before, rising concerns about hardline politics could mean a different result than in the past. Some House Republicans want Democrats to agree to spending cuts before voting to raise to debt ceiling.
'Extraordinary measures': Not raising the debt ceiling is prompting 'extraordinary measures' by the Treasury to pay the nation's bills. It's unclear how long the Treasury could take steps to avoid defaulting on the debt.
What could happen? Economic experts say failure to raise the ceiling would have national and worldwide economic consequences, reporter Savannah Kuchar writes, and Americans would feel the impact in numerous ways.
💰 Learn more: What is the debt ceiling and what are people saying?
💰 Live blog: Debt ceiling reached and more live politics updates
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This article originally appeared on USA TODAY: We've reached the debt ceiling. What to know, and what happens now?
