What is the U.S. debt ceiling and what are the consequences of breaching it?

CGTN published this video item, entitled “What is the U.S. debt ceiling and what are the consequences of breaching it?” – below is their description.

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https://www.cgtn.com/video

On July 31, the deadline for the U.S. Congress to raise its debt limit will arrive. If no action is taken, the U.S. government could default on its loans, which could send economic and financial shockwaves throughout the world. Where is the bargaining between Republicans and Democrats headed? Will we see a repeat of the 2011 debt ceiling crisis where the two sides played chicken?

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About This Source - CGTN

This story is an English language news item from CGTN. CGTN is a Chinese state-funded broadcaster.

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