In almost any other year, Aug. 2 would be just another midsummer day. But, as most Americans have probably heard by now, this Aug. 2 is the deadline for Congress to raise the nation's $14.29 trillion debt ceiling to prevent the U.S. government from defaulting on its obligations.
But what does that really mean? What's likely to happen next month if Washington lawmakers, who've made little headway toward a deal, fail to strike an agreement to raise the debt limit?
The Obama administration says...Full Story