BBCNEWS Asia July 6, 2024
so how did washington get here — and what would happen if the borrowing ceiling is not lifted? my colleague samira hussain has been investigating. first of all, this debt ceiling crisis is actually a political crisis. itjust happens to hinge on a must—pass piece of legislation to save the nation from economic catastrophe. so, what exactly is happening here? weeks to go before the federal government is unable to pay its bills. well, the us government spends more money that it brings in. so it needs to borrow money to pay its bills. it can only borrow a certain amount of money. and...