House Republicans are locked in a standoff with the Biden administration over a deadline to raise the nation’s debt ceiling or risk fiscal calamity.
The Treasury Department has warned it will need to take “extraordinary measures” starting Thursday to delay an economic catastrophe for a few months now that the U.S. government has borrowed up to the current $31.4 trillion debt limit.
While the Biden administration is urging lawmakers to pass a law allowing more borrowing, several House Republicans have said they’ll only vote to do so if the administration agrees to steep spending cuts, which the White House and majority Democratic Senate view as a nonstarter.
Here’s a look at what the debt ceiling is and why we’re talking about it so much lately.
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