Debt ceiling crisis looms as Biden faces GOP opposition.

President Biden is facing a looming debt ceiling crisis as House Republicans refuse to raise the limit on federal borrowing without major policy concessions from the White House. The GOP's hardening position on the debt limit has been met with anger and frustration from the White House, which adamantly rejects the idea of agreeing to spending cuts and policy changes. If Congress doesn't increase the limit on how much the Treasury Department can borrow, the federal government will not have enough money to pay all its obligations by as early as June, which could spark a global financial panic and lead to a recession in the United States.