After Republicans walked out of the Biden talks because the President was demanding the closure of a few tax loopholes for the rich in exchange for 2 Trillion in budget cuts over ten years, Obama went all in with 4 Trillion in cuts. Rumors of cuts to Social Security are being denied (Obama would be stupid to do that) and Medicare would be reformed not cut (there is still a lot of corporate fat to rendered from Medicare).
Boner panicked and now wants the Biden plan back or even less of a deal if he can get it. Republicans don't want budget cuts except for the poor and the Feds don't spend that much on poor people. The Federal Government is largely an insurance company for elderly white people that has an army. Nearly 90% of the Federal income tax revenue goes to the Pentagon with a huge amount buried in the budgets of other agencies. Start making serious cuts to those other agencies and either the military industrial complex takes a hit or you stop doing any non-military functions like Border Patrol, CDC, food inspection, bridges, damns and right down the list.
Then there is the 200 billion or so the Treasury pays in interest on long term debt left over from Reagan and Bush I and to a minor extent, Clinton. You see once Clinton balanced the budget and he had boom period established he refinanced all of the remaining debt as long term bonds at what was at the time low interest rates.
When Bush II started running over a trillion dollar annual deficit he was of course selling short term Treasuries like his daddy did. This was the only way to keep interest rates down because the rich and their corporations are awash in cash since they pay almost no taxes they will buy short term paper at low rates but not so much the long term bonds. In fact at the height of the Bush bank panic investors were buying bonds at the Treasury auctions at such high prices that the government made money, effectively getting a negative interest rate.
The problem is if the Republicans force a default in August when large amounts of this debt start coming due and needs to be rolled over, interest rates could spike and we'll all be speaking Greek or in tongues or whatever happens during an Apocalypse.
Keep in mind none of this has to happen. Like the security theater at the airport it's all a show invented by the Republicans and the corporate fat cats to make them richer and you into a serf. We can have our country back anytime enough of us realize its our country and not theirs. The government borrows money from rich people because the rich have surplus money. They have this surplus money because they bribe enough Congressman to go along with this Kabuki theater and cut their taxes and raise yours because it's good for the economy. Their economy, not yours. It's up to you to change that.