The last time the U.S. faced a major showdown over the debt-ceiling was a decade ago. Much like today, House Republicans insisted on spending cuts before they would vote to raise the amount of money the government could borrow. Then-President Obama and now President Biden said they would not negotiate.

Who will blink first? 

Nearly all economists and financial experts say that a debt default would have extremely serious consequences for the everyday economy and America's place in the world.

We look at the massive U.S. debt mountain, who has leverage in the current game of chicken, and discuss why both political parties are so reluctant to get serious about the debt. Our guest, fixed income specialist and economist, Chris Low of FHN Financial comes up with potential fixes.