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Congress has raised the debt ceiling 14 times from 2001 to 2016. The debt ceiling was raised a total of 7 times (total increase of $5365bil) during Pres. Bush's eight-year term and it was raised 11 times (as of 03/2015 a total increase of $6498bil) during Pres. Obama's eight years in office.
The ceiling was suspended three times: from September 30, 2017, to December 8, 2017; from December 8, 2017 to March 1, 2019; and, after concerns were raised from Treasury in July 2019 of an unexpected shortfall due to reduced tax receipts under Trump's tax legislation, [55] from August 2, 2019 to July 31, 2021.
The debt ceiling is routinely raised to accommodate repayment of the country’s debt. The last time it was raised was in 2021. The debt ceiling was suspended last June.
The US would hit the new ceiling in the second half of the year, with the potential of default coming in the first half of 2026, according to his back-of-the-envelope calculation.
The debt ceiling is an aggregate of gross debt, which includes debt in hands of public and in intragovernment accounts. The debt ceiling does not necessarily reflect the level of actual debt. From March 15 to October 30, 2015 there was a de facto debt limit of $18.153 trillion, [187] due to use of extraordinary measures.
Facing the risk of a an unprecedented U.S. government default by month's end, President Joe Biden has invited the top four congressional leaders to face-to-face talks at the White House next week.
The 2011 S&P downgrade was the first time the US federal government was given a rating below AAA. S&P had announced a negative outlook on the AAA rating in April 2011. The downgrade to AA+ occurred four days after the 112th United States Congress voted to raise the debt ceiling of the federal government by means of the Budget Control Act of 2011 on August 2, 2011.
President-elect Donald Trump says he would prefer the US debt ceiling being completely abolished -- not just raised -- as congressional Republicans feud over a funding bill intensifies on Capitol ...