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Even as the deadline to act inches closer, political pressure and the political fallout of a default means that lawmakers will likely come to a debt ceiling agreement before the worst happens.
Sen. Ted Cruz (R-TX) accused President Joe Biden of being "willing to tank the economy" instead of accepting spending clawbacks.
Deliberations over the debt ceiling underwent a whirlwind of developments over the weekend as both parties seek to come to an agreement over raising the debt limit.
In August 2021, the mere prospect of a potential default led to an unprecedented downgrade of the nation’s credit rating, hurting America’s financial prestige as well as countless individuals, including retirees. An actual default would be far more damaging
Congress has been at loggerheads for months over how to raise the debt ceiling, barreling the United States closer to the brink of default.