As a game of chicken plays out in Washington, DC, over whether to raise the limit on US government borrowing to avoid a default on its debt, the one thing that experts agree on is that a default would be catastrophic.The United States hit its borrowing limit on January 19. Since then, the US Treasury has implemented a number of measures to avoid a default, but it is only a matter of days, or weeks at most, before those are exhausted and the US government is unable to pay what it owes.Here’s an explainer on what happens if this unprecedented event takes place.
Load More
Load More