How you can prepare financially amid the debt ceiling fight

With the White House and congressional leaders divided over raising the debt ceiling, the U.S. could run out of money to pay its bills as soon as June 1.

If lawmakers fail to raise the debt limit, the economic impacts could be wide-ranging, affecting everything from interest rates to the stock market

While consumers may be nervous about the potential implications, there are some steps they can take to safeguard their finances. “I think the biggest thing is reviewing your entire financial situation, always remembering that you should focus on what you can control,” said Dominique Broadway, a personal finance expert and founder of Finances Demystified.

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What is the debt ceiling?:What happens if we default, and why you should care

If the government fails to raise the debt ceiling, that does not necessarily equal default, according to Jamie Cox, managing partner at Harris Financial Group. While the government would not be able to borrow additional money beyond the debt limit to meet its obligations, there would still be revenue coming in.

“The chances of the U.S. defaulting are very low,” he said. “That doesn’t mean there wouldn’t be economic consequences, or real consequences to individuals if the government doesn’t authorize the debt limit to be increased.”

Cox said the government would prioritize payment of its bonds and preserve the integrity of the U.S. Treasury, but may not autho