WASHINGTON – The U.S. government could fall behind on its bills next month – and even default on its debt – if Congress doesn't raise a $31.4 trillion cap on government borrowing, a failure that could trigger economic calamity and panic on global financial markets. What follows is a timeline showing how a cascade of missed payments could unfold, based on the U.S. Treasury's warning that it could run out of cash as early as June 1, and daily tax receipts and spending obligations projected by the Bipartisan Policy Center, a Washington-based think tank.

https://business.inquirer.net/401517/debt-ceiling-standoff-what-happens-if-washington-falls-behind-on-its-bills

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