If the two most important leaders in Washington can’t agree to lift the debt ceiling by the time the Treasury runs out of money to pay its debts, the United States – the world’s fabled economic safe haven – could go into default.
Every American could get hurt in the ultimate demonstration of how partisan politics, including growing conservative extremism, is threatening the country’s ability to govern itself and could doom it to a self-inflicted disaster.
Because the government typically spends more than it takes in through revenues, it must borrow money to pay for commitments that Congress has already made.
