The Dangerous Game of Debt Ceiling Politics.

The US government is at risk of a catastrophic default on its financial obligations if Congress fails to raise the debt ceiling within a matter of weeks. The economic consequences of such a default could be shattering, sending the already-fragile US economy into a deep, self-inflicted recession. The debt ceiling, which is currently around $31.4tn, is the legal limit on the total amount of debt that the federal government can borrow on behalf of the public, including Social Security and Medicare benefits, military salaries and tax refunds. Republicans, who control the House, have promised to raise the borrowing limit only in exchange for deep spending cuts. In turn, President Biden and his fellow Democrats, who control the Senate, have refused to negotiate and insisted on a "clean" debt ceiling bill that does not include any cuts.