Understanding the Debt Ceiling and Its Implications

Deadlines are looming large for Congress. If policymakers fail to act, the United States could face unprecedented economic catastrophe. 

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Time is running out to fund the federal government, which could shutter by Oct. 1. It all has to do with a bigger fight on the debt ceiling — the government’s borrowing limit. Democrats in Congress want to suspend the debt ceiling until next year, but Republicans aren’t playing ball and are threatening a government shutdown in opposition.

But what does that all mean for Americans outside of Congress — for federal workers, for critical government services and for pandemic relief? Tony Romm reports on the stakes of the political fight on Capitol Hill, and the economic crisis waiting on the other side.