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CNN At This Hour With Kate Bolduan July 6, 2024

set. this is what we re watching at this hour. thank you for being here. i m kate bolduan. the battle over the nation s debt ceiling is upon us. the united states just hit its borrowing limit of $31.4 trillion. and that means that the treasury department must now begin to use a series of what is called extraordinary measures to avoid default. extraordinary measures that are no longer so extraordinary since they have been they ve had to be used so often. this is a completely avoidable problem that falls entirely on congress to raise the debt limit. something that republicans with right now refusing to do without cutting spending to the actual bills that have come due, by the way. democrats say that is not on the table. if the u.s. defaults, it will cause absolute chaos in the global economy. christine romans is standing by for us with this. kind of saw this one coming, christine. but we have hit the moment. what happens now. so, kate, the clock starts now. once t ....

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CNN At This Hour With Kate Bolduan June 4, 2024 16:02:00

Now. once the u.s. hits the upper limit of what it could legal le borrow to run the government, the treasury department starts juggling with extraordinary measures. deferring investments into important retirement funds for example for public servants, various accounting moves could buy some time, and keep the bills paid until maybe june, june 5th is the date that the treasury secretary just gave congress. then come the hard decisions. choosing which bills are paid and who gets an iou instead. members of the military, social security recipients and what about paying interest on the u.s. debt. if congress defaults on its debt, it could rock the foundation of the global economy. american credit worthiness, borrowing costs would spike, stock markets would fall, millions of jobs will be lost. grave consequences that would stall the u.s. economy at best and risk a financial crisis around the world at worst. and in any case, it would add ....

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