Why is the debt ceiling so contentious in the United States?
Video duration 25 minutes 10 seconds
The US is not the only country to have imposed a debt ceiling, but it is the only country on the brink of the issue.
Every time the United States approaches its debt ceiling, Americans and the rest of the world seem to foresee catastrophic consequences.
Congress often has to vote to increase or suspend the amount the government can borrow to pay its bills, or risk historic bankruptcy.
Politicians have passed a bill to suspend the $31.4 trillion debt limit, after a tough political battle. But neither the Republicans nor the Democrats got everything they wanted.
Elsewhere, Europe’s superpower has entered a recession. Could Germany’s economic slowdown drag the entire continent down?
In addition, we look at Nigeria’s pioneering oil refinery.