Debt-Ceiling Stalemate Threatens Financial Stability.
The U.S. government may become unable to pay all its bills as soon as June 1 due to a $250 billion shortfall in tax collections for the current fiscal year through April, which came months sooner than expected. This raises the specter of a default on federal obligations unless Congress increases the debt ceiling. Both Democrats and Republicans agree that a default would be disastrous for the economy.