Treasury Secretary Janet Yellen says the move will allow the US to keep the lights on until June 5 - so that the government can continue paying pensions, interest on its bond obligations, and military salaries. But these 'extraordinary measures' are nothing more than a band-aid, as it will ultimately be up to Congress to agree on how to raise the debt ceiling. Failure to do so, or find creative ways to remain beneath the $31.4 trillion debt limit - would mean default, financial crisis, and at minimum - a deep recession.

Now, newly minted House Speaker Kevin McCarthy (R-CA) - who made a boatload of concessions to GOP holdouts in exchange for their votes - has been pressing for Democrats to come to the bargaining table.