As of January 2021, the U.S. national debt has grown by over $8 trillion, pushing the total debt up to over $31 trillion. The Congressional Budget Office has now released a report saying the date when the government will no longer be able to pay its debt obligations fully is expected to fall between July and September 2023. This news has precipitated a fast approaching debate on the need to raise the debt ceiling between Congress and the Biden administration.

The 2008 financial crisis is largely to blame. Decreased tax revenue alongside increased government spending ballooned the national debt to a percentage point over the Gross Domestic Product; an amount not seen since the end of World War II.

The risk of a catastrophic default looms as the Treasury Department continues to use "extraordinary measures" to keep from running out of cash involuntarily. This is why it is so important for Congress to address this