US Debt Ceiling Crisis Sparks Economic Concerns and Constitutional Risks

Senior Treasury officials have warned of economic "chaos" and "catastrophe" if the US doesn't raise the debt ceiling as the country barrels toward default in early June. While congressional Republicans want to tie any debt ceiling hike to spending and budget cuts, the administration has said the two issues are separate. White House economists and independent analysts have warned that the current brinksmanship and a potential future default could have a ruinous impact on the US economy, plunging the stock market and wiping out millions of jobs. President Biden is set to sit down with Congressional leaders on Tuesday to discuss the debt ceiling.