US debt limit crisis is over - but it will be back

Key Facts

US lawmakers are running out the clock in a standoff over how much money the government can borrow US lawmakers have temporarily put off a dangerous game of brinkmanship over lifting the debt ceiling - a limit on how much the US government can borrow.
Democrats have pointed out that raising the debt ceiling is about paying off existing obligations rather than paying for new ones, and that Mr Biden's policies have only contributed to 3% of existing debts.
Treasury Secretary Janet Yellen, seen here with the top Democrats in Congress, has warned of a "historic financial crisis" if the US defaults on its debts They also note that, during Mr Biden's predecessor Donald Trump's term, they joined with Republicans to raise the debt ceiling three times.
After two attempts to bring up the debt ceiling measure through regular order in the Senate failed, Mr McConnell proposed an agreement last week that Democrats have now accepted.