The U.S. debt is ticking away past $4 trillion dollars and threatens to hit the current federally imposed limit on how much we borrow to keep our economy afloat. What are the impacts if this limit is not raised in time as lawmakers squabble of the details of how to manage the country’s debt crisis?

In this edition of Smith Business Close-Up with the University of Maryland’s Robert H. Smith School of Business, Dr. Curt Grimm talks about the fast-approaching collision of the federal debt with the current ceiling limit, and the looming deadline for Congress to act on increasing the ceiling.