Most Americans have no idea how close we just came to financial chaos

The U.S. government avoided a potential debt default on June 1, 2023, when Congress passed legislation to suspend the federal debt ceiling through January 2025. The measure passed with bipartisan support and was signed into law. The debt ceiling is a congressional limit on the amount of money the federal government can borrow. Without an agreement, the government would have been unable to pay certain obligations, including Social Security benefits, military salaries, and interest on existing debt. The Treasury Department had warned that default could occur as early as early June if no action was taken.

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