The US treasury anticipates the US will run out of money to service their commitments as early as the first week of June. If you think you’ve heard this before, you’re not wrong. The federal government hit its legal debt limit in January - $31.4 trillion; however, the House Republicans approved a bill to let the country keep borrowing money, but with strings attached. Fast forward six months, and the US is flirting with officially defaulting for the first time in its history.

Let’s put some things in perspective. Since 1960, Congress has raised, extended, or revised the debt limit 78 separate times - 49 times under Republican presidents and 29 times under Democratic administrations. The challenge isn’t whether an agreement will happen but if the two sides can compromise and meet in the middle before it’s too late. The last time it was this hotly contested was in 2011, but cooler heads prevailed as a deal was agreed upon two days before the deadline.

Will this time around be similar? Check out my comments in the following video:

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