How the Debt Ceiling Not Being Raised Could Affect You

The brinkmanship between the Democrats and Republicans over raising the debt ceiling may sound like the stuff of high politics. However, if it is not resolved, it could have a real impact on millions of Americans’ wallets, livelihoods and lives.

The cap on the amount of money the U.S. government can borrow to pay its debts is $28.4 trillion and Treasury Secretary Janet Yellen has warned of the consequences of the government going into default if lawmakers do not agree to extend that ceiling by October 18.

“It would be disastrous for the American economy, for global financial markets, and for millions of families and workers,” she told lawmakers in a hearing last month.

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