Washington, DC – After weeks of talks and warnings of potential economic disaster, the White House and congressional leaders in the United States have reached a deal to increase the debt ceiling, one that lawmakers now must turn into law before the US defaults on its obligations.
The crisis and its resolution have been months in the making. They trace back to the November 2022 midterm elections, which saw Republicans win a narrow majority in the US House of Representatives, depriving President Joe Biden’s Democratic Party of the ability to pass legislation on its own.
