Congress has until Tuesday, Aug. 2, to reach a deal to raise the debt limit. Otherwise, according to the Concord Coalition’s Thiebert, the United States would default on its debt for the first time in its history. If that does happen, Thiebert says that interest rates will rise, thus increasing the cost of borrowing, and the country wouldn’t be able to borrow more money to “pay its bills.” The Secretary of the Treasury would decide who would be paid first with what money the federal government already has. Thiebert is hoping that it doesn’t come to that. “Default isn’t an option. We’ve known this is coming. This isn’t something new.” He said that all that’s really needed is the political leadership to come to a deal.