Softer-than-expected tax revenue has accelerated the U.S. debt-limit deadline. Why? Look west.
ByAs Democrats and Republicans debate raising the debt ceiling, they both agree that a default would be disastrous for the economy. But how? WSJ explains why U.S. debt has become the center of the economy. Photo Illustration: Madeline Marshall
Wall Street and Washington got jolted this month by government warnings that the U.S. could become unable to pay all its bills as soon as June 1. That crunch came months sooner than expected, raising the specter of a default on federal obligationsThe reason: the expected annual gusher of tax-season payments didn’t flood into the Treasury.
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