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Raising the Debt Ceiling

The last time the U.S. almost defaulted on its loans, the consequences were expensive

by Nancy Marshall-Genzer

Apr 17, 2023

The phrase "debt ceiling" brings some people right back to 2011, when the U.S. also went down to the wire.

Speaker of the House Kevin McCarthy delivers a speech about the economy and debt ceiling at the New York Stock Exchange on April 17. McCarthy said that “defaulting on our debt is not an option.” But neither McCarthy nor the White House are showing any signs of compromising.

Michael M. Santiago/Getty Images

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