Debt ceiling negotiations reach critical point as lawmakers fail to reach a deal.

Congress is facing a deadline to raise the debt ceiling to avoid a catastrophic default, but members have been fighting and negotiating in search of a solution. The debt ceiling crisis has been described as a "hostage situation" by lawmakers, with Republicans refusing to raise the ceiling unless spending is further slashed. The current treasury secretary has warned of "severe hardship" if the debt ceiling is not lifted. The US has nearly $32 trillion of debt, and the debt ceiling is a lever of control that is now more of an instrument of chaos.