Legislation Borrowing Default Consequences of Default Spending Cuts Default Risk Negotiations Consequences History and Purpose Political Strategy Abolishment Debate History Meetings US Treasury Deadline Spending Priorities Political Blame United States Default Defaulting Federal Debt Congressional Negotiations Consequences of Not Raising Treasury Department Extraordinary Measures Borrowing Costs Lawmakers Risk of Federal Default Republican Party Suspension Legislative Actions Federal Government Political Showdown Biden Administration Borrowing Limit Tax Policy Debt Limit Increase