Debt ceiling politics: manufactured crisis or real threat?

Senator Jack Reed (D-R.I.) has called the potential for debt default a "manufactured crisis," citing previous debt ceiling increases under former President Trump. Negotiations between the White House and Republicans broke down on Saturday, heightening concerns about a potential default. Republicans have insisted that a debt ceiling increase be accompanied by widespread spending cuts, while Biden and Democrats have pushed for a "clean" increase of the debt limit. Reed was one of 11 Senate Democrats who urged President Biden earlier this week to "prepare to exercise your authority under the 14th Amendment of the Constitution" to act unilaterally on the debt ceiling.