The federal government uses debt to pay about a quarter of its bills and the federal borrowing limit is maxed out. WSJ’s Andrew Duehren explains the June 1st X-date (when the U.S. runs out of funds) and some catastrophic potential outcomes if Congress doesn’t raise or suspend the federal borrowing limit.    Further Reading: - When Is the Debt Ceiling Deadline and What Happens if the Limit Isn’t Raised?  - Yellen Says Treasury Still Expects U.S. Could Default as Soon as June 1  - World Leaders Warily Watch U.S. Debt-Limit Standoff  Learn more about your ad choices. Visit megaphone.fm/adchoices