The debt ceiling is the maximum amount of money that the United States government is allowed to borrow. If the debt ceiling is not raised, the government will not be able to pay its bills and could default on its debt. This would have a number of negative implications for the financial system, including:
Jesse Sweeney is the President of Sweeney Law Offices, and an American Board Certified bankruptcy attorney licensed in Michigan and Colorado. He has been practicing for over 20 years, and has spoken on a variety of bankruptcy related topics.