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*" src="https://static.fibre*fashion.com/newsresource/newscontentimages/***/graph-*_********T******.jpg" />Yet the most direct mechanical pathway to a near-term “accidental” default, a binding federal debt limit that suddenly prevents new borrowing, appears less imminent than some headlines imply. In July ****, Congress raised the statutory debt ceiling by $*.* trillion to $**.* trillion. The Congressional Research Service notes that debt subject to this limit accounts for more than ** per cent of total federal debt, and current projections suggest that borrowing would approach the new ceiling sometime in fiscal year ****, not in the immediate months ahead.
Why markets are nervous now
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