On Thursday, the U.S. Treasury Department is expected to exhaust its ability to pay its bills if the nation’s borrowing authority isn’t raised above $16.7 trillion. Many economists say not raising the nation’s debt limit will push the U.S. into default, risking a worldwide disruption of financial markets and a possible second economic recession. Some Republican lawmakers aligned with the tea party, however, have said that the U.S. won’t default if the debt ceiling isn’t raised by Thursday. Other GOP lawmakers have said defaulting on the nation’s debt wouldn’t be a catastrophic event. What do you think? Can the U.S. default on its debt without major financial consequences?
WDYT? Debt Ceiling