stories and we started in the us. congressional leaders are due to meet with president biden for emergency talks on how to deal with the debt ceiling. reports are coming in the treasury secretary janet yellen has been personally calling chief executives to warn them of the dire consequences a default could have on the us and the global economy. so how did washington get here? 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 country from economic catastrophe, so what is happening here? major consequences for the economy. the us could default on the economy. the us could default on the dead in a metabolic. weeks on the dead in a metabolic. weeks to on the dead in a metabolic. weeks to go before the federal government weeks to go before the federal government is weeks to go before the federal government is unable - weeks to go before the fed
there is a big fuss, storm, the enemy finally agreed and it will finally be fine but this time it is different, why? not just the sheer size, that $1 trillion, that is an awful lot of dollars! trying to work that out, but also added to the nervousness going around the markets at the moment about global finance. globalfinance. in terms of the value of the dollar, in terms of interest rates and of course the global banking system. a combination of all those things together means that actually the politicians could easilyjust politicians could easily just sort politicians could easilyjust sort of sit there and say, i m sorry, i m not going to vote on this unless they get. whatever particular angle they are on about so we need to be very careful because if they decide to be silly unlock along with this then we could could find ourselves in a very difficult global financial situation, not just difficult global financial situation, notjust in america, notjust situation, notjust in america