USA debt default – a recurring melodrama

Tension is mounting over a possible US debt default by June 1st which would shut down essential services unless Congress raises the limit. Though whether it is a piece of to-be-expected political theatre or a genuine threat time will tell.   The US has raised its debt ceiling at least 90 times over the past century and even when a shutdown is threatened, it rarely occurs. If it did come to pass, the salaries of federal and military employees and their  pensions would not be paid.