Not being able to pay your bills is never a good thing — especially when you’re the United States government.
Treasury Secretary Jack Lew has announced that the U.S. will hit its $16.7 trillion borrowing limit in mid-October.
In 2011, the White House and congressional Republicans feuded over raising the debt ceiling, spending weeks trying to come to an agreement. Those talks failed and the financial markets roiled in reaction.
Failure to reach an agreement would trigger a partial government shutdown, and the Treasury Department would be unable to pay America’s bills.