America could soon be facing the biggest financial crisis in history.

Republicans, working with a slim majority in the House, are threatening to stop paying America’s bills.

The GOP uses the debt ceiling as leverage to cut spending on things Democrats consider priorities. The White House has called their bluff and urged them not to bargain using the debt limit.

If the debt ceiling is not raised, the US could default on debt by the summer, causing devastation.

The country’s statutory limit for borrowing was reached yesterday. At that point, the Treasury was forced to step in with what they call “extraordinary measures,” including shuffling spending related to federal employee pension plans.

The shuffling will continue until the Treasury is funded again – or it runs out of options and can’t pay bills anymore.

Treasury Secretary Janet Yellen wrote to House Speaker Kevin McCarthy, “Failure to meet the government’s obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans, and global financial stability.”

Programs Republicans are eyeing for cuts to get their way include Medicare and Social Security. But it’s a lose-lose for Republicans, who have staunch support among older Americans – who will face Medicare and Social Security cuts even if their party wins. And financial crisis if a deal can’t be reached.