The clock ticks on the debt limit: Lessons from America's last debt ceiling crisis

The U.S. debt limit clock is ticking.

A political stand-off in Washington on the U.S. debt limit is pushing the country perilously close to default.

In 2011, the country came within 72 hours of that happening.

Today, On Point: What’s the path forward? We hear lessons from America's last debt ceiling crisis.

Claudia Grisales: "Where they started, they were really far apart. When you look at the beginning of the year, Biden and McCarthy had not even met. They had an initial meeting in February. And Biden said, I want to see your offer on spending, on the budget. Where do you want to start in terms of these talks, and where are House Republicans? Well, they didn't pass their bill with their partisan wish list on what kind of spending cuts, what kind of levels they would like to see over the next decade, and what programs could be rolled back, for example, such as unspent COVID relief dollars.