Biden and Congress toss the debt ceiling hot potato
Earlier in the week, Speaker of the House Kevin McCarthy gave an evening address about the urgency of raising the debt ceiling and cutting federal spending. Technically, the government has already taken on the amount of debt it’s allowed to carry. The Treasury Department is employing “extraordinary measures” to shuffle money around to service the national debt and make government payrolls. But these measures can’t keep the government afloat forever. Hence the need to raise the debt ceiling or risk catastrophic default some time in the summer. The timing of the speech — one day before President Biden's third State of the Union address — was conspicuous.