Is the Debt Ceiling Crisis Over?
The debt ceiling is the max amount of money the U.S. government can borrow to pay its bills. To fund Social Security and Medicare benefits, service the interest on the national debt, and pay military salaries (plus other payments), the debt ceiling had to go up. A new deal between President Biden and House Speaker McCarthy raised the debt ceiling until the beginning of 2025. For now, this negates the risk of a historic government default. But what does this all really mean, and what's next?