Here's what we know about the debt ceiling, and what happens if it isn't raised.

RELATED: Debt ceiling: Will it be raised and what could happen if it doesn't? https://bit.ly/3kqhMzl

Fears of the federal government hitting its "debt ceiling" have spiked after Treasury Secretary Janet Yellen sent a letter to party leaders in Congress last week urging them to raise the limit before the expected deadline Thursday.

Congress can avert economic disaster by increasing or suspending the limit, as it has done numerous times in the past. But House conservatives are threatening to delay the process by demanding deep spending cuts a Democratic Senate and White House have already signaled they won't accept.

Economic experts say failure to raise the ceiling would have national and worldwide economic consequences, and Americans would feel the impact in numerous ways.

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