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Lawmakers regularly need to raise the self-imposed debt limit to cover the cost of spending and tax cuts they have already approved.

Lawmakers regularly need to raise the self-imposed debt limit to cover the cost of spending and tax cuts they have already approved.

"If Congress fails to increase the debt limit, it would cause severe hardship to American families," Treasury Secretary Janet Yellen is warning.

“If Congress fails to increase the debt limit, it would cause severe hardship to American families,” Treasury Secretary Janet Yellen is warning.

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If the US treasury hits the debt ceiling and prioritises debt repayments, it will be forced to halt spending on federal programmes such as social security, Medicare, and Medicaid, which offer critical financial assistance to tens of millions of Americans

The repercussions of a first-ever default on the US federal debt would quickly reverberate around the world. Experts say that no corner of the global economy would be spared

Joe Biden and his administration have been searching for ways to act unilaterally to avoid an economic ‘calamity’ if Congress can’t reach agreement to allow more borrowing. While some advocate using the 14th Amendment, the president has viewed the route as a problematic and untested legal theory

Kevin McCarthy and Republicans have been insisting on spending cuts, instead of raising the debt limit

The US government aims to reach a budget compromise by 1 June. Republicans, led by Kevin McCarthy, demand spending cuts in exchange for raising the debt limit. While US president Joe Biden has joined the talks, he has urged GOP members to reconsider their extreme positions