The United States economy is on the verge of a potential crisis if the White House and Congress fail to reach an agreement on increasing the debt ceiling. The debt ceiling represents the maximum amount of money that the federal government can borrow. While the Biden administration is pushing for an increase in funding, there is resistance from lawmakers, particularly Republicans, who are demanding spending cuts as a condition for raising the ceiling. The last time the debt ceiling was raised was in December 2021, raising the total budget to $31.4 trillion.

Treasury Secretary Janet Yellen has warned that if an agreement is not reached, the federal government may be unable to meet its financial obligations starting from June 1, leading to a default. This default would have far-reaching consequences, impacting various payments ranging from military expenditures to payments to civil servants and individuals receiving Social Security benefits.


The United States economy is on the verge of a potential crisis if the White House and Congress fail to reach an agreement on increasing the debt ceiling. The debt ceiling represents the maximum amoun...

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