The Treasury will be losing its ability to issue bonds on Friday. The bonds, which were being used to pay up the substantial debt, could cause the government to go bankrupt in a matter of weeks.
According to Yahoo, this is the fourth time that Congress has had to react to a possible default on their bills. They will need to make a response to the situation in order to maintain their working ability.
Due to the ongoing tax refunds at this time, it is too difficult for Congress to transfer funds over to the problem area to offer assistance. Congress must be able to raise the debt ceiling before March.
The Columbus Dispatch reports that if the government defaults, it will be the first time in history for the United States.
House Speaker John Boehner has been trying to reassure the nation that Congress won’t allow a default to take place. The nation is currently 417 trillion in debt.