Why Oct. 19 could be a catastrophic day for the US economy

The United States could be just hours away from defaulting on its debt for the first time ever.

The $28.4 trillion debt limit was reinstated Aug. 1. Since then, Treasury Secretary Janet Yellen has been keeping the nation's finances afloat by using emergency accounting maneuvers. Known as "extraordinary measures," these steps allow the government to borrow additional funds without breaching the debt ceiling.

Video above: US debt measures likely exhausted Oct. 18, Secretary Yellen says

But Yellen warned lawmakers this week that if Congress fails to raise, or suspend, the debt ceiling, the federal government will exhaust those extraordinary measures by Oct. 18.

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