Experts Warn That GOP and Democrats Need to Balance Raising Debt Ceiling With Reforms to Avert Disaster

Experts Warn That GOP and Democrats Need to Balance Raising Debt Ceiling With Reforms to Avert Disaster
US House Minority Leader Kevin McCarthy attends a meeting with President Joe Biden (R) and other congressional leaders to discuss legislative priorities through the end of 2022, at the White House in Washington, on Nov. 29, 2022. Kevin Dietsch/Getty Images
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President Joe Biden and the Democrats are ensconced in a tough fight with the Republicans over the federal debt limit after the country exceeded the $31.381 trillion ceiling. The White House revealed that “there will be no negotiations,” while the GOP opposes a “clean” increase in the debt ceiling.

As both sides hammer out a deal to avert a debt-ceiling crisis, the Department of the Treasury has employed “extraordinary measures” to ensure the federal government can cover its obligations.

Andrew Moran
Andrew Moran
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Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."
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