In less than a week the world's largest economy risks running out of money, making it unable to pay its bills and dragging the global economy down with it.
As the world's largest economy has never before defaulted the exact consequences are uncertain but are likely to be catastrophic to the US and global economy.
If the US no longer pays interest on its bonds, IOUs it issued to raise funds, it would default on debt payments. Economic research organisation Moody's Analytics said a prolonged period where US bills can't be paid would lead to a nearly 20% drop in stock prices, economic contraction of 4% and the loss of more than seven million jobs.
A fall in the value of US bonds would also harm economies across the world as investors could become concerned about other countries defaulting and seek to be paid more to lend to other nations.
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