CNN  — 

The US is once again embroiled in a debt ceiling drama.

Treasury Secretary Janet Yellen has repeatedly warned that the US could default on its obligations as soon as June 1. President Joe Biden and House Republicans are trying to negotiate a deal to address the borrowing cap but have yet to resolve their differences. The consequences of a default would be enormous, both for the nation and the world.

If the debt ceiling isn’t raised in time, Treasury and the White House will have to make difficult decisions about which bills to pay with the funds that are available.

The US has never missed making payments on its bills before. In fact, in the last 45 years, Congress has adjusted the debt ceiling over 60 times. See what the process usually looks like and what a default could mean for the global economy and American households.