CNA Explains: What is the US debt ceiling and what will happen if the limit is not raised? |
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United States President Joe Biden is meeting with congressional leaders at the White House on May 9 for crunch discussions on a debt ceiling battle that is threatening to push the world's number one economy into a crisis. Reaching the debt ceiling means the US government is unable to continue borrowing via Treasury securities to pay for services such as social security, Medicare, and even the military. CNA’s Elizabeth Neo explains.
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