debt ceiling

U.S. Treasury Secretary Janet Yellen listens to President Biden discuss the federal debt limit on Oct. 6, 2021, in Washington, D.C. Chip Somodevilla/Getty Images hide caption

Congress has voted to raise the debt ceiling by $2.5 trillion, avoiding default and another standoff on the borrowing limit until after the 2022 midterm elections. J. Scott Applewhite/AP hide caption

Senate Majority Leader Chuck Schumer reached a deal with Republicans for a short-term increase of the debt ceiling. Andrew Harnik/AP hide caption

President Biden takes questions after delivering remarks on the debt ceiling at the White House on Monday. Evan Vucci/AP hide caption

House Speaker Nancy Pelosi, D-Calif., at the U.S. Capitol on Wednesday. The House of Representatives passed a bill to keep the government funded and suspend the debt ceiling, but Republicans are expected to block it in the Senate. J. Scott Applewhite/AP hide caption

Speaker of the House Nancy Pelosi, D-Calif., holds the gavel after being sworn in on Thursday. Saul Loeb/AFP/Getty Images hide caption

One of the revived rules will bolster incoming House Speaker Nancy Pelosi, D-Calif., against potential agitators in either party. J. Scott Applewhite/AP hide caption

When the federal government spends more than it collects in taxes, which it does most years, it has to borrow money to make up the difference. That gap is the federal deficit, which is expected to top $1 trillion in 2019. Alyson Hurt/NPR hide caption

President Trump meets with congressional leaders in the Oval Office at the White House on Sept. 6. The deadline to fund the government and raise the debt ceiling is coming up on Dec. 8. Alex Wong/Getty Images hide caption

President Trump meets with Senate Majority Leader Mitch McConnell, R-Ky., Senate Minority Leader Chuck Schumer, D-N.Y., House Minority Leader Nancy Pelosi, D-Calif., and other congressional leaders in the Oval Office. According to The Washington Post, Trump and Schumer have agreed to work on a plan to eliminate the debt ceiling. Evan Vucci/AP hide caption

White House Budget Director Mick Mulvaney leaves a Republican strategy session in which he and Treasury Secretary Steven Mnuchin were blasted by lawmakers over President Trump's deal with Democrats. J. Scott Applewhite/AP hide caption

President Trump meets with Senate Majority Leader Mitch McConnell and House Speaker Paul Ryan during a budget discussion in March. Chip Somodevilla/Getty Images hide caption

The Senate passed a bill to fund the government for two years. The measure suspends the debt ceiling and allocates $80 billion to domestic and defense programs. Jacquelyn Martin/AP hide caption

Preparations underway in the Media Center at the third Republican debate on the campus of the University of Colorado in Boulder, Colo. Robyn Beck/AFP/Getty Images hide caption

Unless Congress raises the debt limit by Nov. 3, the U.S. Treasury may be left with only incoming taxes and fees to cover expenses, which would not be enough to pay all bills. Mandel Ngan/AFP/Getty Images hide caption

He's known for tears, but at his press conference announcing his resignation, Speaker John Boehner seemed almost giddy. Chip Somodevilla/Getty Images hide caption

A woman looks on at the U.S. Capitol in 2013 after the most recent government shutdown. Congress has made no progress toward avoiding a government shutdown when it will run out of funding Sept. 30. Jacquelyn Martin/AP hide caption