The U.S. has made it through shutdowns before, but a lengthy fight over the debt ceiling could cause unprecedented market chaos

The U.S. government has been in a state of shutdown since last Tuesday, and there seems little likelihood of Republicans and Democrats coming to an agreement on funding the government in the next few days. While the government has made it through the previous 17 shutdowns that have occurred since 1977, Andy Langenkamp argues that the threat of the U.S. reaching its debt ceiling in less than two weeks’ time should be of even greater concern. The 2011 debt ceiling fight cost the country billions, and previous technical defaults have also been responsible for recessions and higher borrowing costs. While the markets are still relatively calm for now, if Congress does not come to an agreement on the debt ceiling soon, the country’s economic recovery will be severely at risk.