Not worried about the US debt ceiling? You should be...

The United States is facing a looming financial crisis as the debt ceiling deadline of June the 1st approaches. Without a deal, the U-S Government would default on debt payments, which could trigger global recession, freezing of credit markets, stock market declines, and widespread unemployment - all potential outcomes. And Australia would feel the effects.

Speaker of the House Kevin McCarthy talks with reporters about the debt ceiling negotiations (AAP) Credit: CQ-Roll Call/Sipa USA

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