The U.S. is teetering toward an unprecedented debt default that could come as soon as June 1, 2023.
In order for the U.S. to borrow more money, Congress needs to raise the debt ceiling – currently US$31.4 trillion. President Joe Biden has refused to negotiate with House Republicans over spending, demanding instead that Congress pass a stand-alone bill to increase the debt limit. House Speaker Kevin McCarthy won a small victory on April 26 by narrowly passing a more complex bill with GOP support that would raise the debt ceiling but also slash spending and roll back Biden’s policy agenda.
