We Explain the Debt Ceiling — and How Defaulting Would Impact You — in Less Than 5 Minutes
U.S. debt ceiling negotiations in the White House.Photo: Demetrius Freeman/The Washington Post via Getty Images What is the debt ceiling, and why is the U.S. treasury secretary warning we could be headed for “economic catastrophe”? PresidentJoe Bidenhas been meeting with Republican House SpeakerKevin McCarthyand other congressional leaders to negotiate a plan for raising the debt ceiling, with the goal that Democrats and Republicans will come to an agreement that prevents a recession and saves countless jobs nationwide....