Congress must raise debt ceiling to prevent default

Congress is under pressure to raise the debt ceiling to avoid a government default that could cause severe economic problems. The Congressional Budget Office warns the U.S. could run out of money sometime between May and August, depending on revenue changes. If lawmakers do not act, the government may miss payments on its debts, leading to turmoil in credit markets and increased borrowing costs. Past failures have resulted in credit rating downgrades, creating urgency among politicians to resolve the issue. Disagreements within the Republican Party make finding a solution challenging. While some push for including the debt ceiling increase in a tax and spending bill, budget hawks oppose raising the limit without major spending cuts. Democrats have called for bipartisan cooperation to address the debt ceiling. They emphasize that the need to raise it shouldn't be used to push through tax cuts for the wealthy or undermine vital social programs.