The Washington Post has a good article on the lack of a strategy to pass a debt ceiling increase. Failure to pass up such an increase by September would mean the United States defaults on its payment obligations, with serious negative ramifications for the stock market in interest rates. The impact the economy has the potential to be extremely severe, and not just for the short term.  If the world were to decide that the American dollar is no longer the safest investment out there, the impact to America’s economy would be generational and very very bad.

https://www.washingtonpost.com/business/economy/steven-mnuchin-trumps-treasury-secretary-is-hurtling-toward-his-first-fiasco/2017/07/17/28c0ecf8-5da9-11e7-9b7d-14576dc0f39d_story.html