The deadline for approving the US public debt ceiling, early June, is approaching, and market jitters are on the rise as political parties have not yet reached an agreement. If an agreement is not reached, a partial default on public debt could occur, an unprecedented event in US history. If this were to happen, the consequences for global markets and economies could be unpredictable. In this brief note, we outline our position on what could happen in the coming days, the probabilities of such a potentially negative event, the possible impacts and the main mitigating factors.