The looming financial crisis has forced Biden to negotiate with congressional Republicans
with economists warning it would upend markets and plunge the economy into recession. Or
The looming crisis has focused renewed scrutiny on one of the strangest quirks of the U.S. fiscal system: a self-imposed doomsday clockWhat is the debt ceiling and why does the U.S. have one?gives Congress the power to borrow money and pay public debts. To make this process more efficient during the First World War, Congress authorized the government to borrow as much money as necessary up to a specific limit.
“Decisions about spending and revenue have already been made, and how much debt the U.S. is carrying is a direct consequence of those decisions,” said Sarah Binder, a congressional expert at the Brookings Institute think tank in Washington. Initially, Mr. Biden insisted he would not make any deals. After Ms. Yellen announced that the U.S. could default as early as June 1, however, Mr. Biden announced the meeting with Mr. McCarthy and other congressional leaders.
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