WASHINGTON—The clock is ticking for Congress to reach a deal to raise the federal borrowing limit, or debt ceiling, before the government runs out of money to pay its bills sometime over the next month or so.
The ceiling was suspended in 2019 and was reinstated automatically at the beginning of August. Top Republicans have said they won’t help Democrats raise the limit this year, leading to a showdown in Congress that could rattle markets if it isn’t addressed soon.
