From the Overview: "The debt limit places a statutory constraint on the amount of money that Treasury may borrow to fund federal operations. The debt limit is currently suspended, and scheduled for reinstatement on August 1, 2021, at a level precisely accommodating federal borrowing at that point. Congress may debate the merits of various debt limit modifications in advance of that date or later if Treasury implements 'extraordinary measures' to prevent a binding debt limit after reinstatement. This 'In Focus' provides background information and discusses recent legislative activity."
CRS In Focus, IF10292
Congressional Research Service: https://crsreports.congress.gov/