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The US Senate has passed the debt limit bill, averting a US default. The final vote tally was 63 to 36. The bill can now go to President Joe Biden to be signed into law. The measure would...
Time is running out for Congress to raise the nation’s debt limit, which controls how much money the government can borrow to pay its bills. Lawmakers will need to reach a bipartisan agreement...
The debt limit is the total amount of money that the United States government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments.
It came together after Treasury Secretary Janet Yellen told Congress that the United States could default on its debt obligations by June 5 — four days later than previously estimated. Lifting the nation’s debt limit, now at $31 trillion, allows more borrowing to pay bills already incurred.
President Joe Biden addressed the nation Friday evening on the heels of the passage of the debt limit bill that averted a US default. He said he will sign the bill into law on Saturday.
Address the debt ceiling: The agreement would suspend the nation’s $31.4 trillion debt limit through January 1, 2025. This removes it as a potential issue in the 2024 presidential...
Currently it is $31.4tn (£25tn). This includes paying for federal employees, the military, Social Security and Medicare, as well as interest on the national debt and tax refunds. A simple...
The United States officially hit its debt limit on Jan. 19, prompting the Treasury Department to use accounting maneuvers known as extraordinary measures to continue paying the government’s...
The national debt now stands at $28.43 trillion, according to the Peter G. Peterson Foundation’s live tracker. Currently the borrowing cap is set at $28.4 trillion, leaving the federal...
The debt limit is a ceiling imposed by Congress on the amount of debt that the U.S. Federal government can have outstanding. This limit has been set at $28.4 trillion since August 1st, 2021.