Post navigation Experts are warning that the US debt limit must be addressed soon, as it could have dangerous consequences including not being able to fund Social Security and Medicare. Without increasing the debt limit, taxes would have to be raised or spending reduced. Congress plans to address the issue before it becomes a crisis. Biden and Congressional Democrats have proposed a policy that would lift the debt ceiling through 2023, allowing the government to borrow without Congressional approval. Republicans have criticized this policy, arguing that it would remove a necessary check on spending. Many have suggested that Democrats should be open to more stringent reforms to ensure financial stability.