SUMMARISE - 1. **Debt Limit Reached**: The US is expected to reach its current debt limit of $31.4 trillion by June 2023. Once this limit is reached, the Treasury cannot issue any more debt without Congress raising the ceiling. 2. **Consequences of Not Raising the Debt Ceiling**: If the ceiling is not raised, the US government would not have enough money to cover all its obligations. This could lead to the US government defaulting on its debt, which would have severe consequences for the economy. These could include skyrocketing interest rates, a drop in the value of the dollar, and severe disruptions in financial markets. 3. **Political Standoff**: The debate over raising the debt ceiling has become a significant political issue. The House of Representatives, controlled by one party, is demanding spending cuts and policy concessions from the Biden administration, which is from another party, in exchange for agreeing to raise the ceiling