The US Debt Ceiling Standoff: What's the Solution?

The US government could run out of money within weeks if Congress fails to agree on a deal to raise the debt ceiling, which limits the total amount of money the government can borrow to pay its bills. If the debt ceiling isn't raised, the government would no longer be able to pay the salaries of federal and military employees, or pensions, and national parks and other agencies would shut down. If the US defaults on its debt, it would cause major economic damage, with stock prices falling by almost a fifth and the economy contracting more than 4%, leading to the loss of more than seven million jobs. The debt limit debate highlights one of the fundamental ideological differences between the two major US political parties.