national debt

House Republicans want to leverage must-pass legislation to raise the debt limit to extract federal spending cuts, but President Biden and congressional Democrats aren't interested in negotiating.

Congress approved a measure to increase the debt limit by $2.5 trillion, shifting the deadline for default until after the 2022 midterm elections.

The bill heads off fiscal calamity and puts an end — for now — to tense negotiations over the federal debt limit.

After a deal was reached with Republicans, Senate Democrats passed a bill to avoid the immediate threat of default by shifting the debt limit deadline to early December.

The agreement could push the fight over how to raise the nation's borrowing limit to December.

The president is calling on Senate Republicans to allow a straight up or down vote on raising the debt ceiling. "If you don't want to help save the country, get out of the way," Biden said.

Republicans' opposition leaves the federal government teetering on the brink of a partial shutdown.