Here's what you need to know about what recent turmoil in the House of Representatives means for the U.S. economy:
Since yearly spending by the federal government exceeds tax revenue, the U.S. has accrued tens of trillions of dollars in debt, requiring the country to make ongoing payments so that it doesn't default on outstanding loans.
Failure to raise the debt limit and ensuing default on U.S. debt – which have never happened before – would cause immense harm to the U.S. and global economies, since the trustworthiness of U.S. Treasury bonds amounts to a cornerstone of domestic and international investment, economists and budget analysts said.
"The American political and economic system is great enough that many treat US Treasury obligations as being as close to a sure thing as exists," he added, noting that consequences would likely include a fall in the value of the U.S. dollar.A default on U.S.
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