The U.S. hit the debt ceiling. What’s next?

Finally, it happened. This week the U.S. government hit the $14.294 trillion debt ceiling. Unless Congress acts to raise the ceiling, the U.S. could run out of money to pay the bills. The debt ceiling has been raised 74 times since March 1962, according to the Congressional Research Service. Ten of those times have occurred since 2001. So what’s going to happen this time?

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