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Since the debt ceiling system was instituted in 1917, Congress has never not raised the debt ceiling. Congress has voted 78 times to raise or suspend the debt limit since 1960.
The legislation would also include $2.5 trillion in cuts to net mandatory spending, aimed at satisfying conservative members who oppose increasing the debt ceiling without accompanying cuts.
The Republican effort to take the debt ceiling off the table during December's government shutdown standoff was rebuffed by 34 Republicans who ignored both Johnson and Trump and their pleas to ...
For about 48 hours last week, it looked like a debt ceiling fight in 2025 would be averted, as ideas were floated to postpone the issue until 2027 or 2029 (or even forever). But it was not to be.
A debt ceiling bill didn’t even get a majority and failed by a vote of 174-235, even as a follow-up bill passed overwhelmingly once the debt ceiling provision was removed.
Other ideas to eliminate the debt ceiling have included minting a $1 trillion platinum coin, which some economists have said would allow the Treasury secretary to deposit the coin to pay off debts.
The nation will hit its roughly $36 trillion debt limit on Tuesday, when the Treasury Department will start taking extraordinary measures to allow the government to pay its bills, outgoing ...
Federal spending levels are another area where a middle ground may be possible. Observers have noted that McCarthy’s bill would, on net, cut deficits by $4.8 trillion over 10 years.