A updating guide to the last-minute political brokering to stave off a U.S. debt default and save the economy.
After weeks of unnecessary brinksmanship by Republican leadership in Congress, House Speaker Kevin McCarthy is finally reportedly working with Senate Democrats and the White House to raise the debt ceiling for the next two years — thereby saving the country from defaulting on its debt and flirting with recession risk.
To recap, the debt ceiling is the max amount of outstanding debt the federal government is authorized to borrow to keep the country running, from Defense spending to Social Security and beyond. It is not the cap for what the government spends — in fact, it’s paying back money that’s already been spent. The ceiling was last raised two years ago to a limit of $31.4 trillion, which the government hit in January.
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