Here's what will happen to the economy as the debt ceiling drama deepens | CNN Business

After the United States hit its debt ceiling on Thursday, the Treasury Department is now undertaking “extraordinary measures” to keep paying the government’s bills. A default could be catastrophic, causing “irreparable harm to the US economy, the livelihoods of all Americans and global financial stability,” Treasury Secretary Janet Yellen has warned. Yellen on Friday told CNN’s Christiane Amanpour that the impacts would be felt by every American.

That ultimately was the date when Congress passed, and President Barack Obama enacted, a law increasing the ceiling. The actual economic impact of the debt ceiling run-up in 2011 is hard to isolate and quantify, Pugliese said, noting how the sluggish US economic recovery also experienced spillover effects from global events, notably Europe’s sovereign debt crisis. Still, there were some indications that the protracted congressional battle contributed to a shake-up in the economy then, he said.

They'd close national parks and we'd survive.

Spend less.

🐍🐍🐍🐍🐍🐍🐍🐍🐍🐍🐍🐍🐍🐍🐍🐍 CNN sucks.

Govt takes in close to 5T a year. How about spend 4.9T?

a more informative question would be 'what's more likely to happen' instead of the worse case scenario.

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Treasury Secretary Janet Yellen says debt standoff risks 'calamity'Treasury Secretary Janet Yellen said Saturday that she expects Congress will ultimately vote to raise America's debt limit. But she says demands by House Republicans for spending cuts in return for backing an increase “a very irresponsible thing to do” and risk creating a “self-imposed calamity” for the global economy.
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