What to know about the $31T U.S. debt ceiling as default deadline looms

What to know about the $31T U.S. debt ceiling as default deadline looms

The Dome of the U.S. Capitol

The dome of the Capitol. (Kent Nishimura/Los Angeles Times via Getty Images)

The ceiling on the amount of debt the federal government can issue to fulfill financial obligations is fast approaching, but the Republican-controlled House has signaled that it’s prepared for another round of financial brinkmanship, with Speaker Kevin McCarthy endorsing a push by ultraconservatives to demand spending reductions as part of any extension of the federal government’s borrowing authority.

These…


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