I seem to recall in 2021 when the last debt ceiling issues emerged the same political cosplay took place. It's being used as leverage, last time it was close too, they ultimately got it across the line.

House approves debt ceiling extension through early December: https://edition.cnn.com/2021/10/12/politics/house-vote-debt-...

White House rules out concessions over debt ceiling while GOP refuses to help avert crisis : https://www.washingtonpost.com/us-policy/2021/09/20/white-ho...

House passes debt ceiling increase, sending it to Biden to avoid default hours before deadline : https://www.cnbc.com/2021/12/14/debt-ceiling-democrats-to-vo...