The purpose of this analysis is to shed light on the operation of the debt limit in case Congress does not raise the limit before the federal government runs short of cash and is no longer able to meet all of its obligations. In particular, we have addressed three questions: What is the date past which the government will be unable to honor all obligations?If that date is passed without a debt limit increase, what will be the effect on federal spending?If that date is passed without a debt limit increase, what are the potential consequences in the market for...