What happens if the US can’t pay all its bills

(CNN) — The US is once again embroiled in a debt ceiling drama.

Treasury Secretary Janet Yellen has repeatedly warned that the US could default on its obligations as soon as June 1. President Joe Biden and House Republicans are trying to negotiate a deal to address the borrowing cap but have yet to resolve their differences. The consequences of a default would be enormous, both for the nation and the world.

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