The White House and House Republican negotiators have agreed in principle to raise the U.S. debt limit and avoid default. The agreement must still pass Congress.
Details of the deal President Biden and House Speaker Kevin McCarthy have struck to avoid national default are still emerging as the text of the bill is being written.
Treasury Secretary Janet Yellen says unless lawmakers raise the debt ceiling by June 5, the government won't have enough money to pay all of its bills.
The U.S. debt has led to plenty of partisan fights and ... charitable gifts. For decades, a government program has been collecting donations from Americans who want to help pay off the national debt.
Did spending by President Biden and the Democrats rack up the country's debt? Is a default the same as a government shutdown? Here are answers to things people often get wrong about the debt ceiling.
Biden is leaning on Young's experience negotiating on Capitol Hill to help him find a way to cut through the raw politics of Washington and find an agreement to lift the debt ceiling.
From social security payments to interest rates, a lot hinges on a debt-ceiling deal. Personal finance experts say you should prepare for a possible debt default as you would a recession.