Anna Helhoski

doesn't have the revenue it needs to offset more of the debt, then interest on the debt just grows, which could lead the U.S. to borrow more, increase taxes or cut spending on programs that people and businesses rely on. It's basically a negatively reinforcing cycle.

They're related, but not the same. Again, the national debt is composed of money that's currently borrowed by the government plus interest on that debt. Meanwhile, the debt ceiling is the total the government can borrow in order to meet its legal obligations. That means funding for things like Social Security, Medicare, military salaries, tax refunds, and interest on the national debt.

They're related, but not the same. Again, the national debt is composed of money that's currently borrowed by the government plus interest on that debt. Meanwhile, the debt ceiling is the total the government can borrow in order to meet its legal obligations. That means funding for things like Social Security, Medicare, military salaries, tax refunds, and interest on the national debt.

They're related, but not the same. Again, the national debt is composed of money that's currently borrowed by the government plus interest on that debt. Meanwhile, the debt ceiling is the total the government can borrow in order to meet its legal obligations. That means funding for things like Social Security, Medicare, military salaries, tax refunds, and interest on the national debt.

The debt ceiling, also known as the debt limit, is $36.1 trillion. And we hit that ceiling back in January. But the Treasury is now taking, quote, extraordinary measures to keep legal obligations funded. But we're hurtling toward potential calamity. The U.S. is expected to run out of the money to meet its obligations as soon as late May. Now, if we get to that point, the U.S.

The debt ceiling, also known as the debt limit, is $36.1 trillion. And we hit that ceiling back in January. But the Treasury is now taking, quote, extraordinary measures to keep legal obligations funded. But we're hurtling toward potential calamity. The U.S. is expected to run out of the money to meet its obligations as soon as late May. Now, if we get to that point, the U.S.

The debt ceiling, also known as the debt limit, is $36.1 trillion. And we hit that ceiling back in January. But the Treasury is now taking, quote, extraordinary measures to keep legal obligations funded. But we're hurtling toward potential calamity. The U.S. is expected to run out of the money to meet its obligations as soon as late May. Now, if we get to that point, the U.S.

could default on its debt. And default would be catastrophic. And if it went on long enough, would plunge the U.S., as well as the rest of the world, into a financial crisis. So Congress needs to act soon to avoid that default. I think we'll likely get deeper into this in a future episode.

could default on its debt. And default would be catastrophic. And if it went on long enough, would plunge the U.S., as well as the rest of the world, into a financial crisis. So Congress needs to act soon to avoid that default. I think we'll likely get deeper into this in a future episode.

could default on its debt. And default would be catastrophic. And if it went on long enough, would plunge the U.S., as well as the rest of the world, into a financial crisis. So Congress needs to act soon to avoid that default. I think we'll likely get deeper into this in a future episode.

Hey, so the short version is no, maybe, and it's not a bad idea.

Hey, so the short version is no, maybe, and it's not a bad idea.

Hey, so the short version is no, maybe, and it's not a bad idea.

So we are not in a recession right now. The traditional definition is, quote, a significant decline in economic activity spread across the economy lasting more than a few months. In simpler terms, growth stops and the economy begins to shrink.

So we are not in a recession right now. The traditional definition is, quote, a significant decline in economic activity spread across the economy lasting more than a few months. In simpler terms, growth stops and the economy begins to shrink.

So we are not in a recession right now. The traditional definition is, quote, a significant decline in economic activity spread across the economy lasting more than a few months. In simpler terms, growth stops and the economy begins to shrink.

The National Bureau of Economic Research officially determines and dates recessions, and they look at a range of economic indicators, including economic growth, income, inflation, unemployment, manufacturing, consumer spending, and retail sales.

The National Bureau of Economic Research officially determines and dates recessions, and they look at a range of economic indicators, including economic growth, income, inflation, unemployment, manufacturing, consumer spending, and retail sales.

The National Bureau of Economic Research officially determines and dates recessions, and they look at a range of economic indicators, including economic growth, income, inflation, unemployment, manufacturing, consumer spending, and retail sales.

The timeline for recessions have been anywhere from two months to several years. Now, the recession during the COVID lockdown in spring 2020 only lasted two months, and that was the shortest one on record. Now, the longest recession ever was actually after the Civil War, and it lasted more than five years. Next would be the Great Depression, which lasted from 1929 to 1938.