The federal government uses debt to pay about a quarter of its bills and the federal borrowing limit is maxed out. WSJ’s Andrew Duehren explains the June 1st X-date (when the U.S. runs out of funds) and some catastrophic potential outcomes if Congress doesn’t raise or suspend the federal borrowing limit.   

Further Reading:

- When Is the Debt Ceiling Deadline and What Happens if the Limit Isn’t Raised? 

- Yellen Says Treasury Still Expects U.S. Could Default as Soon as June 1 

- World Leaders Warily Watch U.S. Debt-Limit Standoff 

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