If elected, will Vice President Kamala Harris or former President Donald Trump have to face a ‘fiscal armageddon’ in America’s future? It’s not out of the realm of possibility.

On the latest episode of Capitol Gains, Yahoo Finance's Rachelle Akuffo, Washington Correspondent Ben Werschkul, and Senior Columnist Rick Newman are joined by Rachel Snyderman, Managing Director of Economic Policy from the Bipartisan Policy Center, to discuss the importance of the national debt limit, budget, and its real impact over everyday americans.

“We have a cash flow problem in this country,” says Snyderman. “We are spending more money than we are bringing in revenue and that is going to be part of the mathematical challenge that next year presents.”

Lawmakers will have to contend with the federal debt limit being reinstated on January 2, 2025, as well as operating under a budget that is a continuing resolution from last year. What this means is the government is being funded at last year’s funding levels, so they cannot invest in new priorities and essential services needed for next year’s federal budget. Snyderman also says on top of all of this, everything is slamming up against the expiration of tax cuts, the Tax Cuts and Jobs Act.

“Many of us in the fiscal policy world are calling this the next fiscal cliff,” she says. “Chairman Smith calls this a ‘Super Bowl of tax’ and others call this a ‘fiscal armageddon.’”

Snyderman says when it comes to what’s in the line in November, “fiscal policy and tax policy [are] squarely front and center.”

To find out more, listen to the full episode of Capitol Gains here.

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This post was written by Lauren Pokedoff.