U.S. Nears Debt Ceiling: What It Means for You
The US government is getting dangerously close to its debt ceiling, with Treasury Secretary Janet Yellen warning that the country could hit that ceiling in mid-January. To avoid a financial crisis, the government must take "extraordinary measures," a temporary solution until lawmakers act. If the debt ceiling is not raised, the United States could default on its debts, which could hurt the economy and affect everything from government services to the stock market.
It's important to note that in June 2023, Congress passed legislation authorizing an increase in the debt ceiling, preventing the United States from defaulting on its financial obligations until early 2025. Congress must act quickly to ensure that the financial stability of the nation remains intact.
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