The ongoing political battle over the debt ceiling.

The US is facing a potential default on its debt if Congress does not raise or suspend the debt ceiling, which is the maximum amount of money Congress allows the federal government to borrow to cover its bills. Failure to address the matter could result in the first-ever US default, which would wreak havoc on the economy and roil markets around the world. Republicans are refusing to lift the debt ceiling unless it is paired with spending cuts, while the White House has remained steadfast that it is Congress's responsibility to raise the debt ceiling without conditions. Leaders from both parties will have to continue discussions in order to reach a compromise before the projected June 1 deadline.