US House Speaker Kevin McCarthy has released plans to raise the debt ceiling by $1.5 trillion.

This comes as banks are warning the US Government to bring the $31.4 trillion debt ceiling forward.

Sam Dickie from Fisher Funds explained that if the US Government's debt ceiling is breached and the limit isn't raised, the Government could theoretically default on its debt obligations.

Sam Dickie says raise the debt ceiling has been a negotiating tactic frequently used by Republicans during Democratic administrations.

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