Without an agreement in Congress to raise the debt ceiling, the U.S. will be unable to meet its financial commitments.
Republicans have promised to set very strict conditions for any increase in this ceiling, so as not to give a so-called "blank check" to the Biden camp. The Democrats are strongly opposed to the Republican project, believing that making an increase in debt ceiling conditional on budget cuts amounts to blackmail. The House of Representatives is expected to vote on the plan by the end of the month.