Everything you wanted to know about the debt ceiling

Make Me Smart

Marketplace

News, Business

4.6 • 5.4K Ratings

🗓️ 18 May 2023

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

It’s Whaddya Wanna Know Wednesday, and lots of you wanna know what’s up with the debt ceiling drama. So, we’re dedicating today’s episode to answering your questions about what happens if Congress fails to raise the debt limit before the government runs out of money. We’ll get into how a debt default compares to a government shutdown, why prioritizing payments would be a tricky task for the Treasury and where’s Wall Street been?

Here’s everything we talked about today:

- “What’s the difference between a government shutdown and a failure to raise the debt ceiling?” from the Brookings Institution

- “Danger and deja vu: what 2011 can tell us about the US debt ceiling crisis” from The Guardian

- “America’s credit rating could get downgraded even if a default is avoided, Fitch Ratings warns” from CNN Business

- “We Hit the Debt Limit. What Happens Now?” from The New York Times

- “Prioritization” from the Bipartisan Policy Center

- “Congress shouldn’t get paid until debt ceiling is addressed, House Democrat says” from CBS News

- “The markets are taking debt limit uncertainty in stride — for now” from Marketplace

- “A group of over 140 CEOs and Wall Street titans including David Solomon just warned stocks will crash if politicians can’t raise the debt ceiling” from Fortune

- “Small businesses raise alarm over default amid debt limit fight” from CBS News

- “U.S. Chamber Calls for Urgent Action on Debt Limit” from the U.S. Chamber of Commerce

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Transcript

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0:00.0	Hey everyone, I'm Rimechres, host of This is Un Comfortable, a podcast from Marketplace.
0:05.3	This season, we explore how secrets can shape our financial lives.
0:09.7	We've got stories about the creative lengths people go to pay off student debt,
0:14.0	what it's like to become addicted to financial submission,
0:17.3	and how easy it can be to get stuck in a vicious cycle.
0:20.5	We take a look at how secrets take a toll on our lives,
0:23.6	and what price some are willing to pay for the truth.
0:26.8	Listen to This is Uncomfortable, wherever you get your podcasts.
0:31.3	Whether your dog is in their puppy adult or senior years,
0:34.4	there's nothing better than more years together,
0:36.8	and the best way to feed their happy healthy life is with fresh healthy food.
0:40.8	The farmer's dog makes it easy to keep your best friend healthy inside and out,
0:45.1	with fresh recipes made from real meat and veggies.
0:47.6	Their pre-portion just for your pup and delivered right to your door.
0:51.2	Help your dog live a healthy life and get 50% off your first box of real fresh food
0:56.1	at thefarmerestog.com slash LifeStages23.
1:26.1	To be more dedicated to answering your questions about the debt ceiling,
1:31.0	if you have a question you'd like us to answer about the debt ceiling,
1:34.4	or deficits, or anything else,
1:36.8	that you feel burning in your soul,
1:39.7	you can leave us a voicemail at 508UBsmart,
1:43.2	or email us at makemesmart at marketplace.org.
	...

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