Why is the debt ceiling so contentious in the United States? | Debt

The US isn’t the only country to set a debt ceiling, but it is the only nation to face brinkmanship over the issue.

Each time the United States nears its debt ceiling, Americans and the rest of the world seem to anticipate catastrophic consequences.

Congress often has to vote to raise or suspend the amount the government can borrow to pay its bills or risk an historic default.

Politicians have passed a bill to suspend the $31.4 trillion debt limit, after a tough political battle. But, neither Republicans nor Democrats got all they wanted.

Elsewhere, Europe’s powerhouse has slipped into recession. Could Germany’s economic slowdown drag the whole continent down?

Plus, we look at Nigeria’s “game-changer” oil refinery.

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