The next big political fight is quickly approaching – the fiscal cliff or debt ceiling crisis. The last big debt ceiling bout happened in mid-2017. By the end of 2017, the U.S. debt exceeded $20 trillion for the first time in history.
The Treasury Department expects to run dry of funds mid-summer at which time Washington can no longer pay its bills. It’s highly unlikely that the US government would default on any payments but there’s risk that a significant political fight is in store. The current debt level stands about $22 trillion. Heading into an election season, the stakes are undoubtedly high for both political parties.