The US Treasury has warned the government that it could run short of cash to pay its bills unless Congress works fast to raise or suspend the debt ceiling. (Image: News18 Creative)
2/12
The debt ceiling is the maximum amount of money that the United States can borrow cumulatively by issuing bonds. (Image: News18 Creative)
3/12
Since 2001, the US government has run a deficit of nearly $1 trillion every year. It means it spends $1 trillion more than it receives in taxes and other revenue. (Image: News18 Creative)
4/12
When the debt soars, the Treasury borrows more money to pay for government spending. Reaching the debt ceiling means that the Treasury is unable to borrow any more money. (Image: News18 Creative)
Since 1960, the US debt ceiling has been raised, extended or revised 78 times. (Image: News18 Creative)
6/12
A big debt is a reflection of the fact that the US has consistently spent more than it raised. (Image: News18 Creative)
7/12
The US Treasury has said that if the debt ceiling isn’t increased, it could run out of money as soon as June. US President Joe Biden has called for a meeting with leaders on May 9. (Image: News18 Creative)
8/12
The default could upend global financial markets and shatter trust in the US as a global business partner. (Image: News18 Creative)
According to news reports, even something as simple as weather forecasts could ultimately be impacted, as the National Weather Service is federally funded. (Image: News18 Creative)
10/12
With Republicans taking control of the House of Representatives, the US is seeing fresh political tensions. (Image: News18 Creative)
11/12
In exchange for votes to raise the debt ceiling, the Republicans are calling for drastic spending cuts with an intention to dilute the Democrats’ agenda. (Image: News18 Creative)
12/12
Biden has steadfastly said he will not negotiate over the debt ceiling increase, but will discuss budget cuts after a new limit is passed. (Image: News18 Creative)
