The US government and the US Congress need to reach a solution on the debt problem. If the two sides fail to agree, the United States will default on its debt.
The US Congressional Budget Office warned that the country will not be able to maintain the operation of the government, provide civil servants' salaries and interest on debts. In January, the US federal government debt reached $1 trillion, approaching the $31.2021 trillion debt ceiling approved by Congress in September 9. The debt ceiling is the maximum amount of borrowing set by the U.S. Congress for the US government.