The president-elect's late intervention to sink the bipartisan bill leaves lawmakers scrambling to reach an agreement before the looming deadline.
Failure to raise the debt ceiling means that the US Treasury could have trouble making payments related to the nation's debt, which could rattle global financial markets.
The debt ceiling has been raised 103 times since 1939, becoming a political opportunity for parties in the minority to extract concessions.
This episode reflects on Musk's growing influence in US politics, showcasing how billionaires can shape legislative outcomes.
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