The Clock Is Ticking on the Debt Ceiling

The Journal.

The Wall Street Journal

Daily News, Business News, News

4.2 • 5.3K Ratings

🗓️ 22 May 2023

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

The federal government uses debt to pay about a quarter of its bills and the federal borrowing limit is maxed out. WSJ’s Andrew Duehren explains the June 1st X-date (when the U.S. runs out of funds) and some catastrophic potential outcomes if Congress doesn’t raise or suspend the federal borrowing limit. Further Reading: - When Is the Debt Ceiling Deadline and What Happens if the Limit Isn’t Raised? - Yellen Says Treasury Still Expects U.S. Could Default as Soon as June 1 - World Leaders Warily Watch U.S. Debt-Limit Standoff Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	The clock is ticking on the X-date.
0:11.5	If Congress doesn't raise the debt ceiling to let the government borrow more, the X-date
0:16.4	is the day the Treasury Department says it won't have enough money to pay all of its bills.
0:22.0	The dreaded X-date fast approaches June 1st.
0:25.0	June 1st?
0:26.0	June 1st.
0:27.0	Think of June 1st as Doomsday.
0:29.7	So what happens if Doomsday comes?
0:34.1	If Doomsday arrives for the United States of America, the largest, most important economy
0:39.1	in the world to default would have huge consequences not only in the United States, but for the
0:45.1	entire global economy.
0:48.2	The predictions are dire.
0:50.9	Markets could crash, interest rates could spike.
0:53.7	People who receive checks from the government might not get them.
0:57.6	Right now we're kind of in a race against time and Washington to raise the debt limit
1:02.2	to allow the government to keep paying its bills on time.
1:06.3	The X-date is 10 days away and the ticking is getting louder.
1:14.9	Welcome to the journal, our show about money, business and power.
1:19.4	I'm Kate Limbaugh, it's Monday, May 22nd.
1:27.7	Coming up on the show, what happens if Congress doesn't raise the debt ceiling?
1:33.6	3, 2, 1.
1:46.4	What will the world look like 10 or 20 years from now?
	...

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