US Debt Limit Struggle Raises Specter of Catastrophic Default

Unless Congress votes to increase the amount of money the U.S. Treasury is allowed to borrow above its current debt of $28.5 trillion, the United States will default on its financial obligations sometime in the next several weeks, experts warn. Few experts consider that likely to happen, but if it did, it could trigger an economic catastrophe with effects far beyond America’s shores. In a letter to members of Congress last week, Treasury Secretary Janet Yellen warned of the damage that would result if the U.S. is unable, even for a short time, to pay its bills. “A delay thatmore