Talks between the White House and the Senate’s top Republican and Democrat broke up Tuesday with no progress on raising the country’s debt ceiling, an impasse that threatens a financial crisis if left unresolved.
The Senate and House have 12 joint working days before Sept. 29, when the Treasury Department says it would no longer be able to pay all of the government’s bills unless Congress acts. A default would likely set off a major disruption to the world financial system, with a stock market crash and surging interest rates that could send the economy into a recession.
PG View: Congress ALWAYS raises the debt ceiling, but only after much hand-wringing and delay . . .