Experts from the Bipartisan Policy Center in the United States have predicted that the US government could run out of money by mid-July 2025. If Congress fails (or refuses) to raise the debt ceiling again, the US will officially default. Apparently, American lawmakers enjoy the thrill of high stakes and are once again subjecting the economy to an extreme stress test.

In June 2023, Congress suspended the debt ceiling, which had reached a staggering $31.4 trillion, until January 1, 2025. While lawmakers relaxed and focused on other matters, the national debt quietly crept up to nearly $37 trillion.

The Republicans, who currently govern the country, have tried to tackle the growing debt by cutting federal jobs. However, social welfare programs, which consume a significant portion of the budget, remain "untouchable."

President Donald Trump himself called the debt ceiling "a trap for the Democrats" at the beginning of his term and suggested abolishing it altogether to end the annual debates and default threats once and for all. However, Treasury Secretary Scott Bessent does not believe this is realistic.

Meanwhile, China is closely monitoring the situation. In December 2024, China reduced its investments in US government debt by $9.6 billion. Now, China holds a "mere" $759 billion in US debt. Perhaps Beijing is unwilling to take risks and is waiting for the American Congress to sort out the financial situation.