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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). ... Now, with default ...
The debt ceiling returned on January 2, but Congress has several months to address it before the nation could default on its obligations. (Jemal Countess/Getty Images)
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 debt ceiling had been suspended until January 2 as part of the bipartisan Fiscal Responsibility Act, which Congress approved in June 2023 after months of contentious debate between the GOP-led ...
Bill passed after senators rejected 11 proposed amendments
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.
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 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 ...