The U.S. is on high alert as negotiations over the debt limit come to a head in Washington D.C., with credit agencies warning that the nation’s stellar credit rating could be downgraded if an agreement isn’t reached soon. The federal government has been operating without a budget since December, and it has already exceeded its borrowing authority of $22 trillion; failure to raise or suspend the debt ceiling would have catastrophic economic consequences for both domestic and global markets alike.
To avoid such dire outcomes, lawmakers must reach an agreement on how much more money can be borrowed by the federal government while also addressing other issues like spending cuts or revenue increases that may accompany any deal made between them and President Trump’s administration regarding this matter. This will not only help ensure America’s financial stability but also protect its reputation among investors worldwide who are looking for safe places to put their money during times of uncertainty in other parts of the world economy – something which could easily be jeopardized should Congress fail to act swiftly enough here at home before time runs out completely later this month.
Read more at The Hill
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