Last week, Treasury Secretary Janet Yellen announced the federal government would hit the debt ceiling limit sooner than expected, and "extraordinary measures" would need to be taken to keep the government functioning.

In this episode, Marc Goldwein of the Committee for a Responsible Federal Budget discusses how a lack of congressional oversight has led to unchecked spending, the financial crisis that would follow a default, and the slow-motion catastrophe that will come if we don't tackle the issue of deficit spending now.

You can reach Marc on Twitter @MarcGoldwein

You can play God and try to fix the debt yourself here https://www.crfb.org/debtfixer

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