Time is running out to raise the U.S. debt ceiling — here's how it could impact your money

Time is running out to reach a deal to avert a historic default on the nation's debt, with Treasury Secretary Janet Yellen warning that the U.S. could run out of money to pay the bills by June 1. Breaching the debt ceiling may sound esoteric, but financial experts warn it cause hurt Americans financially in a number of ways. Here's what to know. 

The debt ceiling, which is set by Congress, represents the maximum amount the federal government can borrow to pay its debts. Raising the debt ceiling doesn't authorize new spending, but instead allows the government to fund its previously approved obligations, ranging from Social Security payments to military salaries.