Treasury Secretary Janet Yellen says if the debt ceiling isn’t raised, there could be “catastrophic economic consequences.” But what does that mean for the average American? We’ll get to the bottom of this listener question. Plus, we’ll do the numbers on the high cost of child care and the defense budget. Then, bird watching anyone? We break down what “hawks” and “doves” have to do with monetary policy.

Here’s everything we talked about today:

• “Here’s what the debt limit standoff means for you” from CNBC

• “Janet Yellen: Congress, Raise the Debt Limit” from The Wall Street Journal

• “Why Daycare Workers Are So Poor, Even Though Daycare Costs So Much” from The Atlantic

• “‘The pay is absolute crap’: Child-care workers are quitting rapidly, a red flag for the economy” from The Washington Post

• “Study says nearly half of defense spending for 9/11 wars went to private contractors” from PBS Newshour

• “The Pentagon Has Never Passed An Audit. Some Senators Want To Change That” from NPR

• “The economic shorthand of hawks and doves” from Marketplace

Read the transcript here.

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