Skip to content
Navigating a New Political Landscape: View real-time updates about the impact of and Northeastern’s response to recent political changes.
Apply
Stories

Debt ceiling debate flirts with national economic disaster

People in this story

(AP Photo/J. Scott Applewhite)
The light in the cupola of the Capitol Dome is illuminated, indicating that work continues in Congress, in Washington, Wednesday, Oct. 6, 2021.

As a new deadline fast approaches on the decision to raise the nation’s debt limit, a certain doomsday urgency nears. When Democrats and Republicans were locked in a stalemate over this same question in October, many predicted dire economic consequences should Congress fail to act. 

Party leaders, however, were able to extend the reckoning until early December. Now if Republicans remain resolute in voting against increasing the limit, which sets the maximum amount the U.S. federal government can legally borrow, the country will likely witness a replay of the political brinksmanship. And maybe worse.

But just how economically catastrophic would failure to act on the debt limit be? News@Northeastern talked about the consequences of breaching the debt limit with Northeastern economist William Dickens, distinguished professor of economics and social policy. 

Continue reading at News@Northeastern.

More Stories

Pope Francis, the first Vatican leader from a Latin American country, died at age 88 Monday. Photo by Giuseppe Ciccia /Sipa via AP Images

What is the legacy of Pope Francis — and the future of the Catholic Church

04.21.2025
The relationships fans form with fictional characters can be powerful – and problematic -if taken to an extreme, Northeastern experts say. Photo by Liane Hentscher/HBO

Why are fans upset about ‘The Last of Us’ season two? Experts say it tests the limits of fandom and parasocial relationships

04.20.2025
The proposed SAVE Act would change voter registration. Experts say it would make it more difficult for many to register to vote. (AP Photo/Kayla Wolf)

Will the SAVE Act protect the integrity of voting or make registration too difficult? Northeastern experts explain

04.24.25
All Stories