The US debt has nearly tripled to about $31.4 trillion over the past decade. This is a result of the increased expenditures that Congress has authorised over the past ten years. As a result, the US government frequently needs to raise their borrowing levels in order to pay off the debt. This has resulted in them running into the imposed borrowing limit, also known as the debt ceiling. The debt ceiling has been in place since 1917 which limits the total outstanding debt that the government may incur. However since 2001, the US has been operating ~$1 trillion per year above what it receives in taxes and revenues. Hence, the government has to borrow more to continue financing the payments that have been authorised.  In May 2023, there were increased fears about a debt default and its potential repercussions on the market. With so much conflicting information and news, it...