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Failure to raise the debt limit could be catastrophic for the US – and global – economy.

But a deal to lift the cap could also end up causing pain to many Americans. For example, the $4 trillion in spending cuts proposed by House Republicans would significantly disrupt US travel, Transportation Secretary Pete Buttigieg told Ian Bremmer on GZERO World. Republicans who voted to slash the budget should have to explain to the American people why they “might have to wait a couple more hours in a security line at an airport because of the cuts to TSA,” Buttigieg argues. "These are real impacts that are going to have a real effect on our everyday lives, not to mention on our economy."