The Impending Debt Ceiling Crisis and Its Impact on Americans.

Lawmakers are facing a high-stakes battle over the nation's borrowing limit, with the Treasury Department warning that the nation could have until as soon as the start of June before it exhausts the "extraordinary measures" implemented in January to keep the nation from defaulting on its debt. If lawmakers fail to raise the debt ceiling, Social Security, other benefits, and pay could be delayed, borrowing costs could go up, financial markets would take a hit, and a banking crisis could extend or get worse. Republicans insist any increase be paired with significant fiscal reforms and cuts to domestic funding, but Democrats have pushed for a "clean" bill to lift the ceiling.