Washington is gearing up for a fight over the fast-approaching debt ceiling limit after Treasury Secretary Janet Yellen announced last week that the country will hit its borrowing cap of around $31.4 trillion on Thursday. Thus far, lawmakers have held firm on their positions on the debt limit, with Democrats arguing for a swift raise in the ceiling and Republicans reluctant to negotiate without guarantees of spending cuts — a position the White House has said it will not negotiate on. As the debt limit approaches, lawmakers will be pressured to take legislative action to avoid the potentially dangerous fallout of an American default on its national debt. What is the debt limit?
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