As Debt Limit Deadline Looms, What is Needed to Avoid A Default and Its Potential Widespread Consequences?
Wednesday, December 11, 2024
As Debt Limit Deadline Looms, What is Needed to Avoid A Default and Its Potential Widespread Consequences?
To prevent the federal government from defaulting on its debt when it neared the debt limit in 2023, Congress voted to suspend the debt ceiling through this coming January 1. With that deadline looming, the decision of how to address national debt may be one of the first major decisions facing lawmakers after they are sworn in. In a new report, we looked at the potential widespread consequences of a government default on debt and actions Congress could take to avoid this issue in the future. We learn more from GAO’s Michael Clements and Mike Hoffman.
