The Heat: U.S. Debt Ceiling Battle

The Heat

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The United States tries to avoid defaulting on its debt. Can it avoid an economic crisis?  

The U.S. is now just weeks away from what the treasury secretary warns could be an “economic catastrophe” if it fails to agree on a deal to raise its debt ceiling. That’s required so that the country can continue to borrow and doesn’t run out of money.  

President Biden met with congressional leaders at the White House this week, but there was little progress. The U.S. is now facing the prospect of major economic fallout as soon as the beginning of June.  

Joining the discussion:

  • Eleanor Clift is a political columnist with the Daily Beast.
  • John Quelch is a professor at the University of Miami’s Herbert Business School. 
  • Yan Liang is the Endowed Chair of Economics at Willamette University.
  • Ryan Patel is a global business executive and Senior Fellow with the Drucker School of Management at Claremont Graduate University.