The US debt ceiling is currently set at some $31 trillion -- the highest absolute sovereign debt in the world. The White House insists that raising the debt ceiling, long a mere formality, must be voted without conditions or negotiations.
Conservatives are asking that the debt issue be linked to an effort on public spending, which they consider out of control. If the impasse continues, for the first time, holders of US Treasuries, the king investment of global finance, would no longer be able to recover their stake.