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In the past decade or more, votes over increasing the U.S. debt ceiling have increasingly been used as a political tool. That has led to intense showdowns in 2011, 2013 and, now, 2023.
This year, both sides of the argument are dug in and Republicans appear more willing to go over the cliff than in the past.
What does this year’s showdown look like and how, exactly, did the United States’ debt balloon to $31 trillion?
On today’s episode
Two decades of tax cuts, recession responses and bipartisan spending fueled more borrowing that has set the stage for another federal showdown over the debt limit.
Last week, America hit its debt limit. Here’s what to know.
There are a lot of ways to listen to The Daily. Here’s how.
We aim to make transcripts available the next workday after an episode’s publication. You can find them at the top of the page.
Jim Tankersley contributed reporting.
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