✨
AI Summary
- U.S. government spends more than it earns annually, requiring Congress to raise the debt ceiling (currently $31.4 trillion) to authorize borrowing
- Shai Akabas of the Bipartisan Policy Center calculates the 'X Date' when government runs out of money—critical information for debt ceiling negotiations
- Current debt ceiling negotiations are proceeding poorly despite urgency, creating potential risk of government defaulting on obligations