Debt ceiling: More pressure on Biden to use 14th Amendment as economic catastrophe looms

"We reiterated once again that default is off the table and the only way to move forward is in good faith toward a bipartisan agreement,"Biden added that the talks were “productive,” with McCarthy saying, “I believe we can still get there.” McCarthy has dismissed White House proposals to cut into the deficit by raising taxes on wealthier Americans and closing loopholes for corporations.

The debt ceiling has been around since the early 20th century. It was, for many decades, raised on a bipartisan basis with little drama. Because the government spends more than it takes in, the debt ceiling must be raised periodically to allow it to borrow enough to meet its current obligations. But Republicans have said they will not raise it this year without significant cuts to government spending. Democrats have noted that Republicans voted to raise the debt ceiling without preconditions three times under former President Trump.that would raise the debt ceiling but also cut numerous other social spending programs.

Biden has insisted that he won’t negotiate any spending cuts with GOP leaders until the debt limit is raised. Republicans, having passed their spending bill already, say that Biden’s refusal to discuss spending cuts has made the impasse difficult to resolve.If the debt ceiling isn't raised or the White House fails to find a workaround before the government runs out of funds, experts say it would cause a financial catastrophe.

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