What are the grave consequences if the U.S. debt ceiling isn't increased and the government defaults? What would the Federal Reserve and the Executive Branch do to prevent default if Congress doesn't act?Topics covered include:What are the potential impacts of a U.S. default on the stock and bond markets, and the overall economyWhat causes the U.S. to have a perennial debt ceiling crisisWhy it is uncertain when the U.S. government would run out of money to meet its obligationsWhat the Biden Administration could do to prevent a defaultWhat the Federal Reserve could do to prevent a defaultGiven the ongoing crisis, should you shift assets from stocks to cash?For more information on this episode click here.SponsorsUse code MONEY10 to get 10% off on your NAPA Autoparts online order.Masterworks – invest in contemporary artMasterworks Disclosure:“net IRR” refers to the annualized internal rate of return net of all fees and costs, calculated from the offering closing date to the sale date. IRR may not be indicative of Masterworks paintings not yet sold, and past performance is not indicative of future results. See important Reg A disclosures: Masterworks.com/cd Masterworks’ offerings are filed with the SEC, view all past and current offerings here.Insiders Guide Email NewsletterGet our free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter.Show NotesThe Debt Limit Since 2011—Congressional Research Service7 doomsday scenarios if the U.S. crashes through the debt ceiling by Jeff Stein—The Washington PostA debt ceiling default would send the U.S. housing market back into a deep freeze by Jeff Tucker—ZillowWhy is federal spending so hard to cut? — Recurring debt ceiling fights will only be solved by budget reform by Linda Bilmes—BrookingsDebt Limit Default Is Default, Even Under a “Prioritization” Scheme by Richard Kogan—Center on Budget and Policy PrioritiesWhy I Changed My Mind on the Debt Limit by Laurence H. Tribe—The New York TimesThe Trillion-Dollar Coin Might Be the Least Bad Option by Annie Lowrey—The AtlanticIf U.S. again risks default, Fed has 'loathsome' playbook by Ann Saphir—ReutersRelated Episodes169: The Debt Ceiling—What Happens If the U.S. Defaults416: Your Nation’s National Debt: 5 Things You Need To KnowSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

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“What did the council decide on item 42?” — answered with the speaker and the moment.