The national debt ceiling sits at $31.4 trillion, and the Republican-led lawmakers in Congress say that they will not raise the limit unless there is a large cut to social safety net programs.
If the debt ceiling is not raised, it could mean a default on Social Security payments, salaries for federal civilian employees and veteran benefits.
What will happen next with the debt ceiling? What cuts could be made to lower spending? How much money does the U.S. government borrow? If Congress continues its standoff, how will this impact the economy?
Guest: John Longo, Ph.D., professor of professional practice in the finance and economics department at Rutgers Business School, author of "Buffett's Tips: A Guide to Financial Literacy and Life”
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*This interview was recorded on Tuesday, January 31.