The House Ways and Means Committee will consider a bill on Thursday that would prioritize federal spending if the U.S. hits the debt ceiling later this year.
Former Federal Deposit Insurance Corporation Chair Sheila Bair explains why a debt ceiling negotiation must be made 'sooner than later.'
Treasury Secretary Janet Yellen said in January that her agency had to deploy "extraordinary" measures to stave off the debt ceiling, which is the legal limit on how much money the federal government can borrow. last month that the government will breach the debt ceiling, which currently sits at $31.4 trillion, some time between July and September.
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