The Impending Threat of a US Debt Default and its Consequences.

The US government has less than a month before it could start defaulting on its payments, and there is no sign of an imminent resolution. If the US were to default again, the primary effect would be interest rates going up significantly, affecting everything from credit cards to auto loans to mortgages. Businesses would have more trouble getting loans, and federal payments might come to a standstill as the Biden administration is forced to confront how to prioritize payments coming due with the funds it still has available.