US Debt Ceiling Crisis Looms: Key Facts and Figures

The United States is on the cusp of a debt ceiling crisis, with the current limit set at $31.4 trillion and the federal debt standing at $36 trillion. The debt ceiling is expected to be reached between January 14 and January 23, 2025, sparking concerns about the country's financial stability. The Fiscal Responsibility Act, which suspended the U.S.'s borrowing authority until January 1, 2025, has added to the uncertainty. Meanwhile, tax cuts for low and medium-income brackets have been introduced, aiming to alleviate the financial burden on these groups. As the deadline approaches, the world watches with bated breath, waiting to see how the situation unfolds. The implications of a debt ceiling crisis are far-reaching, with potential consequences for the global economy. The situation is being closely monitored by financial experts and policymakers, who are working to find a solution before it's too late.