The ongoing stress and uncertainty surrounding the US debt ceiling.

1 min read
Source: Vox.com
The ongoing stress and uncertainty surrounding the US debt ceiling.
Photo: Vox.com
TL;DR Summary

Congress is once again facing a stalemate over raising the debt ceiling, with Democrats insisting on a "clean" increase and Republicans demanding spending cuts in exchange. The debt ceiling, a legal cap on how much the US can borrow, must be addressed every few years as the country accrues more debt. Failure to do so risks a default that could trigger an economic crisis. Despite the risks, the debt ceiling has been repeatedly used as a political weapon by both parties, with little incentive to reform the process. Congress could eliminate the debt ceiling, but there is little political will to do so.

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