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The president-elect is also urging lawmakers to approve more government borrowing by addressing the nation's debt ceiling before he takes office on Jan. 20. ... government's current $36 trillion ...
The debt ceiling is the limit placed by Congress on the amount of debt the government can accrue. In order to pay its bills to those it borrowed from and dole out money for everything from ...
What's next for the debt limit? There have been 10 government shutdowns since 1981 in response to funding gaps, the most recent of which was under Trump’s watch in 2018.
On January 19, 2023, the United States hit its debt ceiling, leading to a debt-ceiling crisis, part of an ongoing political debate within Congress about federal government spending and the national debt that the U.S. government accrues. [1] [2] In response, Janet Yellen, the secretary of the treasury, began enacting temporary "extraordinary ...
The government needs to borrow money to continue paying out what Congress has already approved, but the debt ceiling puts a limit on how much money the U.S. government can borrow to pay its bills.
President-elect Trump has thrown a wrench into government funding negotiations with his call to eliminate the debt ceiling just days before a potential shutdown. Republican lawmakers are already ...
President-elect Donald Trump confounded members of Congress and flipped the government spending debate on its head when he demanded a premature increase to the debt ceiling on “Biden’s watch ...
The president-elect had also hoped to include an agreement that would scrap the debt ceiling in an effort to grease the wheels for major items on his agenda, including massive tax cuts that would ...