Leadership wants to attach an increase in the nation’s borrowing limit to a budget deal, which would let them consolidate two tough political votes. But while Congress has until January to avoid deep budget cuts, it appears increasingly likely it will have to vote to raise the debt ceiling before leaving for the August recess.

More info in the article
https://thehill.com/policy/finance/452896-gop-struggles-to-find-backup-plan-for-avoiding-debt-default

My thoughts on this news

The debt clock just keeps ticking away, and the only way it moves is forward towards a larger and larger debt. The Republicans who always claim to be the party of fiscal responsibility, are nothing more than liars. When Trump passed his tax cuts so the oligarchy can get richer, the GOP seemed to have forgotten to cut government spending. When the oligarchy gets to keep more of their money instead of giving it to the government, that means the government will not get as much revenue from taxes as it did before. Which means if they spend as much as they were before they will need to create more money to cover those spending costs or stop buying whatever goods and services they were before. Now with the deadline quickly approaching the government needs to once again increase the debt ceiling so they can print more money...

Of course the US Debt is mostly symbolic, since the US Government has the power to create its own money all the debt represents is just the amount of money that has been created by the government. But the more money that is created the more inflation increases and the less valuable money becomes which means prices increases which is terrible for the middle/working class. If we had competent politicians in charge they would implement a progressive taxation system to decrease wealth inequality which would decrease the need to keep printing more money...