Roundup: Debt ceiling crisis / Phone bills / State offices By Deanna B. Narveson - May 22, 2023 FacebookTwitterLinkedinEmailPrint If the debt crisis roiling Washington, D.C., were to eventually send the U.S. crashing into recession, the repercussions of a first-ever default on the federal debt would quickly reverberate around the world. Already an INSIDER? Sign in.