Consumer Watchdog Warns: Debt Ceiling Concerns Every Family

The US debt ceiling crisis could have dire consequences for American families, warns the Consumer Financial Protection Bureau. The federal government may run out of money on June 1 if Congress fails to act, says Treasury Secretary Janet Yellen. The Congressional Budget Office also warns of a “significant risk” of being unable to pay obligations during the first two weeks of June. A default could raise borrowing costs, including credit card and mortgage rates, as US debt is a critical benchmark for credit. US Treasuries are considered risk-free, so their rates have remained low.

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