The US has 9 more days to raise its debt ceiling or it will default on all its debt.
The U.S. is also a debt nation — we all have some form of it, be it with monthly credit cards, student loans and mortgages. It’s hard to think of a world where you can’t just go to a bank and get a mortgage for your first house or open up even a low-limit credit card — but the reality is the U.S. is a privileged place in terms of the free-flowing credit most of its citizens run on.
That could change in the next 10 days. During President Donald Trump’s presidency, the national debt climbed over $8 trillion largely fueled by massive tax cuts and emergency pandemic spending. The Biden administration, thus far, has increased the county’s debt by about another $3.5 trillion with the American Rescue Plan stimulus relief bill and other economic recovery efforts during the ongoing pandemic.
The government fiscal year ends Sept. 30 and a new budget will need to be agreed on in order to fund the spending that has already happened.