The US Treasury will take “extraordinary measures” to meet its debt obligations as the US government is expected to hit its $31.4tn borrowing limit on Thursday.
But economists say the reprieve can only last for a few months, setting the stage for a dramatic showdown between the Biden administration and lawmakers on Capitol Hill that risks plunging the US government into default.
Here is what you need to know about the US debt ceiling, and what is at stake.
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