As the Treasury department has been warning — and as House Republican leaders have promised — the United States hit its debt limit Monday morning. The government can no longer meet its obligations by borrowing more money. And since incoming revenues aren’t sufficient to pay for the services Congress has ordered and for interest payments on existing debt, the Treasury department is taking a series of ever-more extraordinary measures to pay all of its bills.
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=111557