Knocking on Catastrophe's Door
The United States just hit the debt ceiling, maxing out the amount of money the government can borrow in order to pay its bills at $31.4 trillion. The country has only defaulted on its debts one other time in history (a technical bookkeeping glitch, really), but thanks to partisan political posturing in Congress, defaulting a second time and turning this into a debt ceiling crisis isn't out of the question. Now the U.S. Treasury is taking "extraordinary measures" to avoid catastrophic economic consequences while Congress works through their stalemate. The nation isn't at the tipping point of this becoming a full-blown crisis yet, but if the U.S. defaults on its debt, here are some of the ways it could affect you and your family.