What Happens if the US Government Doesn't Pay Its Creditors and Lifts the Debt Ceiling?

Congress and President Biden have five weeks to strike a deal on raising the debt ceiling, according to a new projection from the Treasury Department. Otherwise, the country will need to brace for an economic catastrophe. The problem? Neither side is willing to compromise. 

President Biden and House Speaker Kevin McCarthy have agreed to meet next week, but both have also insisted they are unwilling to negotiate, stoking fears that the government may miss this critical deadline. 

Tony Romm joins “Post Reports” to explain. 

Read more:

• Biden seeks debt ceiling talks, as U.S. faces possible June 1 default
• Here’s what’s in the House GOP bill to raise debt limit, cut spending
• With debt bill adopted, far-right House Republicans ready for fiscal war