SUMMARISE - The US debt ceiling is a cap set by Congress on the government's borrowing limit to fulfill its existing obligations, such as social security, military salaries, and interest on the national debt. As of early 2023, the US is expected to reach the $31.4 trillion limit. Exceeding this limit without Congress's approval to raise the ceiling could lead to a political standoff, with potential demands for spending cuts or policy changes from one party, while the other insists on raising the ceiling unconditionally to maintain economic stability