What happens if the U.S. government can’t pay its bills?

The debate over the U.S. debt ceiling is quickly heating up. If the debt limit is not lifted before the deadline, what does this mean for markets and the economy? In this episode, Goldman Sachs Research’s Alec Phillips, chief U.S. political economist, explains how a failure to raise the limit on US government debt could ripple through the global financial markets.  Learn more about your ad choices. Visit megaphone.fm/adchoices