What would happen if Washington can't reach a deal is uncharted territory: The nation has never defaulted on its debt.
Unless Washington reaches a deal on the debt ceiling, government payments millions of Americans rely on each month could be in jeopardy in little more than a week.
Treasury Secretary Janet Yellen maintains the nation could be unable to pay all of its bills in early June, possibly as early as June 1, though the exact date remains unclear. WATCH | McCarthy says 'every hour matters' on debt ceiling as House Republican lawmakers leave town early for recessPresident Joe Biden and House Speaker Kevin McCarthy have been adamant the U.S. won't default, but still remained "far apart" on a solution on Wednesday."Right now, we have to remain optimistic that a deal is going to be struck," Rachel Snyderman, the senior associate director of economic policy at the Bipartisan Policy Center, told ABC News.
The Bipartisan Policy Center, a Washington think tank tracking federal cash flows, recently estimated a heightened risk for default between June 2 and June 13. If the Treasury can continue financing the government through June 15, the center and other analysts believe expected quarterly tax receipts will provide the government more time before default.A major hurdle: Some $100 billion in payments are scheduled to go out June 1 and June 2, according to the think tank.
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U.S. stocks open lower as investors eye debt-ceiling talks in WashingtonU.S. stocks opened lower on Wednesday as investors remained focused on the debt-ceiling negotiations in Washington. The Dow Jones Industrial Average declined by 111 points, or 0.4%, at 32,939:
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Debt Ceiling Explained: Why It’s a Struggle in Washington and How the Impasse Could EndThe White House and House Republicans are working to reach a budget compromise before June 1, when Treasury Secretary Janet Yellen has said the country could run out of cash to pay the nation’s bills. A debt default would be potentially devastating for the U.S. and global economy.
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China fears U.S. debt default as much as anyoneA U.S. debt default is likely to lead to a global financial crisis that would hit the Chinese economy, too.
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US debt ceiling talks grind on as China warns of spilloverRepresentatives of President Biden and congressional Republicans end another round of talks with no signs of progress as America creeps closer to edge of a potentially disastrous default on its debt.
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CNBC Daily Open: A debt ceiling deal won’t solve everythingThe only story to be made of yesterday’s market moves is that, well, there wasn’t one. Markets are still in reactive mode, not a sustained rally.
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US debt default could send mortgage rates soaring above 8%The U.S. housing market could tumble into a deep freeze if Congress fails to raise the debt ceiling by June 1 and defaults on its financial obligations.
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