On Saturday, Biden and McCarthy reached a deal to increase the debt limit for two years. Now it goes to Congress.
Storyboard
What’s in this deal to avert default — and economic disaster? And how did we get to this point?
A default on U.S. debt would have likely triggered a worldwide recession and upend stock markets, in addition to wreaking havoc in Americans' financial lives.
The debt ceiling, also known as the debt limit, is the total amount of money the United States government can borrow so it can meet its legal obligations.
The national debt is the sum total of all the money the United States government has borrowed but not yet repaid.
Learn about the government’s revenue, spending, deficit and debt.
Here's how to make your budget resilient, whether a crisis is hypothetical or you’re currently in the middle of one.
What’s the definition of a recession, and how could you prepare for one?
More on the debt ceiling, as well as inflation, the job market, the cost of climate change and more.
