As the 17 October deadline to raise its government debt ceiling rapidly approaches, the US faces a looming economic crisis as its Congress remains unable to agree to an extension.
Breaching the debt ceiling - which could result in a default - would likely have disastrous ramifications for the US government and economy, as well as global financial markets. As the US shutdown continues into its second week, many markets have experienced sharp losses as fears mount the heavily politicised process could still be in standoff come deadline day. Here, T. Rowe Price provides all you need to know about the debt dramas and what could happen if the ceiling is not raised. What is the debt ceiling and why is the 17 October significant? Under current law, Congress au...
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