«The ceiling is a useless legislative construct that lets lawmakers refuse to borrow money to pay for the deficit spending they already approved. If Congress doesn’t raise it, the government goes into default and can’t make payments on its obligations, including interest on Treasury bonds, Social Security payments and other essential spending, which would quickly crash the U.S. economy. It generally comes up as an issue only when Republicans control at least one house of Congress while a Democrat is in the White House; Republicans are not known to express concern about deficits caused when a president of their own party cuts taxes for the rich.
But Mr. Biden says he won’t let the government and the economy be blackmailed, and he has adamantly rejected the demand that he discuss terms for raising the ceiling. He says it has to be raised cleanly, with no conditions, just as it was three times during the Trump administration.»
There’s more, but I’d have to copy 3/4 of the thing, so just go read it.