defaults on its bond investors, its credit rating could tank and, in turn, the government could be forced to scale back on Medicare benefits, Social Security checks and other programs. If it isn’t raised or suspended, the U.S. The debt limit is the foundation of the “full faith and credit” of the country’s currency and bonds. Treasury officials have said lawmakers will have until an unspecified date next month before the department runs out of ways to prevent a default. The posture from the president on down is setting up a game of chicken with incredibly high stakes - if a vote to suspend or increase the debt limit fails, the U.S. ![]() “The minute you start to signal that that doesn't work then you're signaling weakness.” ![]() ![]() “They're right at the moment to say, 'We're working on Plan A,'” said a lobbyist with knowledge of the party’s strategy.
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