UTAH (ABC4) – The national budget is a concept we are familiar with and we have lived through a number of government shutdowns in the last 10 years, but what would it really mean for you if congress refuses to raise the debt limit?

That limit is set by Congress and gives the treasury the ability to pay for items congress has already approved but taxes don’t cover.

Treasury Secretary Janet Yellen has set that October 18 deadline and she says the financial implications could be disastrous.

With Good Morning Utah to help us understand the debt limit debate is Phil Dean, a public finance senior research fellow at the University of Utah.