Politicians in Congress are currently in a staredown over the debt ceiling. Lawmakers must reach an agreement soon to allow the government to meet its payment obligations for Social Security, tax credits and military salaries, among other items.
Treasury Secretary Janet Yellen warned that the Treasury will likely run out of ways to pay its bills at some point in October.
Democrats want to suspend or increase the debt limit through legislation. However, Senate Minority Leader Mitch McConnell, R-Ky., has said that Democrats need to find a way to pass it without any support from the GOP.
Democrats argue that raising the ceiling will simply allow the U.S. Treasury to pay for spending and tax cuts that were greenlit during the Trump admini…
Read the full article at: https://www.cnbc.com/2021/09/23/what-is-the-debt-ceiling.html
