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President Barack Obama meets with House Republicans on the shutdown and looming debt ceiling. Janet Yellen is nominated to lead the Federal Reserve. And the Supreme Court opens its fall term with a case on campaign finance. A panel of journalists joins Diane for analysis of the week's top national news stories.
Why does the federal government need to raise the U.S. debt limit in order to pay bills? Olivier Knox of Yahoo! News explains in simple terms how the federal government borrows money to pay day-to-day bills for basic services like highway construction. The government defaults on its debt when it can't pay its bills, which -- like the borrowing limit -- have been approved by Congress.