Navigating the High-Stakes Debt Ceiling Debate: Biden's Next Move

Negotiations to raise the federal debt limit and avoid a catastrophic default have become a Washington tradition, with past debates resulting in substantial spending reforms and even derailing a presidency. President Biden has demanded that Congress increase the debt ceiling without preconditions, while the Republican-controlled House has signaled it will use the impasse to force steep budget cuts. Previous deadlocks have resulted in legislation such as Gramm-Rudman-Hollings, Bush's budget deal, Simpson-Bowles, and the Budget Control Act of 2011.