What you need to know about the debt ceiling crisis

The White House and Congressional Republicans are at a standoff over how to raise or suspend the debt ceiling, which caps the total amount of money that the US can borrow to fund the federal government. If a deal isn’t reached soon, the US risks defaulting on its loans, which would likely cause a massive economic crisis. Treasury Secretary Janet Yellen recently announced that a default could happen as early as June 1.

Democrats, led by President Joe Biden, insist that Congress pass a “clean” debt ceiling increase that does not include any trade-offs to guarantee its passage. Republicans, meanwhile, are eager to pass spending cuts in exchange for approving any debt ceiling increase, with some saying they’re unwilling to compromise on this point.

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