US lawmakers are currently deadlocked over whether to raise or suspend the debt ceiling, which determines how much the US government can borrow. The current debt level has reached $31.4 trillion, and if the impasse is not broken, the administration may run out of cash to pay its debts as early as June 1. This situation could lead to a US government default on its debt, causing financial instability and uncertainty globally. The debt ceiling can only be raised if it is voted through the House of Representatives, which has a Republican majority, but the Senate, which has a Democrat majority, is not expected to pass it. Republicans are using the deadline to pressure President Joe Biden to agree to spending cuts. The US government has never defaulted on its debt out of choice rather than economic necessity, and a default would be disastrous for the global economy.
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