Debt ceiling fight could spark fiscal crisis

Republican House majority and Biden administration at odds over raising the debt ceiling

Briana Vannozzi, John Reitmeyer | January 19, 2023 | Politics, Budget, Business

Just weeks into a new congressional session, the Republican majority in the House of Representatives and the Biden administration are at odds over raising the debt ceiling. It’s a regular but critical piece of legislation that Congress must pass to keep the government financed and functioning.

The threat that such passage may fail is triggering fears of unprecedented economic consequences. If the nation is forced to default on debt payments, the harshest fallout may not happen until summer.

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