What is the debt ceiling?

As America s government hits the debt ceiling, US politics has become a multi-trillion dollar game of chicken. If neither side backs down, America could default on its debts for the first time in history, sparking global economic turmoil. What is the debt ceiling, and how can this crisis be resolved? Sign up to The Economist’s daily newsletter: https://econ.st/3QAawvI To read more of our covering on the US economy: https://econ.st/3pyttGT There is no easy escape from America’s debt-ceiling mess: https://econ.st/3I3Cyh5 Investors brace for a painful crash into America’s debt-ceiling: https://econ.st/3VZueon What is the debt ceiling?: https://econ.st/3pytIlh America faces a debt nightmare: https://econ.st/3BkzDx0 Republicans are right that federal budgeting is a joke: https://econ.st/3HZ0Hp2