When politicians were battling over the debt ceiling last summer, many Americans believed Congress wouldn't let the country run out of cash and default. After all, both parties need to agree for the sake of the American people, and Treasury Secretary Janet Yellen was just a call away for advice. However, the situation might not be so certain come January when the 2023 debt ceiling suspension ends.
The U.S. government continues to spend eye-watering sums, but in early January 2025, the nation will also be coming out of an election—and the months after the last presidential race, in which Joe Biden replaced Donald Trump, couldn't exactly be described as smooth.
