The federal government is about to hit its credit limit

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The federal government is about to hit its credit limit
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The federal borrowing limit set by Congress kicks back in on Saturday, freezing US debt at its current level -- a shade over $22 trillion, a record high -- and there's no clear plan in sight for lawmakers to extend new borrowing power

On Saturday, the federal borrowing limit set by Congress kicks back in, freezing US debt at its current level -- a shade over $22 trillion, a record high -- and there's no clear plan in sight for lawmakers to extend new borrowing power.

While the US Treasury isn't immediately at risk for default, the situation raises that alarming prospect, which Federal Reserve Chairman Jerome Powell described earlier this week as a "very big deal."But White House economist Kevin Hassett, chair of the Council of Economic Advisers, downplayed the risk on Friday."I can tell you that if you look back at previous debt limit debates, that they've always sort of worked out in the end," Hassett told CNN's Poppy Harlow.

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