Debt ceiling: Here's what could happen in a credit "debacle"
CBSN
The federal government's cap on the amount it can borrow to fund is approaching fast. U.S. Treasury Secretary Janet Yellen told lawmakers last week that the nation will reach the debt limit on January 19, prompting a slew of warnings from Wall Street analysts and economists about the potential financial fallout if Congress fails to take action.
The debt ceiling is currently at $31.4 trillion, representing borrowing that the Treasury undertakes to fund its financial obligations, ranging from safety-net benefits such as Social Security payments to interest on the national debt.
Yellen urged congressional leaders to raise the debt limit, which is set by lawmakers, as soon as possible to avoid a fiscal crisis. But with a Republican-controlled House, it's unclear whether lawmakers can reach a compromise to lift the ceiling. If lawmakers fail to come to an agreement, the "debt ceiling debacle risks a self-inflicted recession," Gregory Daco, EY Parthenon chief economist, said in a report.
On the eve of the D-Day invasion, Gen. Dwight Eisenhower spent the remaining hours of daylight with the paratroopers who were about to jump behind German lines into occupied France. A single moment captured by an Army photographer became the most enduring image of America's greatest military operation.
This story previously aired on March 6, 2016. Child Advocate: Do you know why you are here today? 911 operator: 911. What is your emergency? 911 operator: Is there anybody else in the house with you? Robin Doan [to 911]: I so hope my mom is not dead. Robin Doan [to 911]: Please can you just send somebody out here? Robin Doan [to 911]: I'm cold. I'm very cold. Robin Doan [to 911]: I heard my mama scream ... Robin Doan [to 911]: I want my mom. I want my mom. Robin Doan [to 911]: It's on Highway 70. It's about 13.3 miles out from the bowling alley. I have a purple shirt on I have purple pants on. Robin Doan [to 911]: All I want right now is my blanket and my pillow. ... I see him. I see him. Robin Doan [advocate interview]: I really don't want to go to sleep anymore. It makes me to where I'm too scared. I really don't want to go to sleep. OK. Robin Doan [advocate interview]: He had shot in my room and missed me. Advocate: Did you hear anybody say anything. Could you hear anybody talking? Robin Doan [advocate interview]: I don't know this for sure but I thought I saw a white eyes ... a white face. Robin Doan [advocate interview]: And when he shot I saw a flash. Robin Doan [advocate interview]: I can't talk about it. It's too heartbreaking. Levi King interrogation: Before I even realized it, I mean, I'd just pointed it at him and fired.