The US budget is again teetering on running out of money because the Republicans and Democrats are playing a game of chicken on whether to raise the debt ceiling. The debt ceiling caps how much the US can borrow through issuing bonds. Treasury Secretary Janet Yellen has warned that failure to pay US bondholders will cut revenue to foreign countries, corporations worldwide, US IRA accounts, and personal holdings, which “would undoubtedly cause a recession in the US economy.”
