EXPAND - A default would also have dire consequences for American consumers and businesses, making it more expensive for individuals to take out loans, mortgages, and other forms of credit. This could reduce consumer spending and investment, potentially triggering a recession. Given these high stakes, Congress and the Biden administration must come to a timely agreement to raise the debt ceiling without attaching significant policy concessions. Failure to raise the ceiling responsibly would be a grave dereliction of duty, with potentially catastrophic consequences for the country and the world