More dire is the looming debt ceiling, the point at which the U.S. government can no longer pay the bills it has already incurred. Raising or suspending the debt ceiling was long a pro-forma move, but Republicans now say they won't vote for it and that Democrats should pass it on their own. Failure to lift the debt ceiling would almost certainly have a disastrous effect on the economy, including the halting of Social Security payments, a doubling of the unemployment rate and a hit on the nation's credit rating, according to an analysis by Moody's Analytics.
Source : https://www.usnews.com/news/politics/articles/2021-09-23/biden-faces-his-toughest-negotiating-test-bringing-together-the-democrats
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