News What happens if the US hits the debt ceiling? Lawmakers squabble as nation nears limit January 18, 2023January 19, 2023Savannah Kuchar, USA TODAYComments Off on What happens if the US hits the debt ceiling? Lawmakers squabble as nation nears limit The federal government is set to run up on its debt limit this week. A US debt default could result in economic disaster; the debt ceiling explained.