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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.
He promised that a debt ceiling deal would happen through the reconciliation process and would pair a debt limit increase of $1.5 trillion with $2.5 trillion in cuts made to "net mandatory spending."
The details of the deal between President Joe Biden and House Speaker Kevin McCarthy were released Sunday in the form of a 99-page bill that would suspend the nation's debt limit through 2025 to ...
He derailed a bipartisan temporary government spending agreement last month by demanding the GOP deal with the debt ceiling as part of the package. Ultimately, Congress passed a short-term funding ...
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. ... Under a 2023 budget deal, Congress ...
Freedom Caucus members said the vote was a protest of McCarthy's handling of the debt-ceiling crisis. [23] On June 12, 2023, the Freedom Caucus and McCarthy reached an agreement that resulted in the Freedom Caucus not blocking procedural votes in exchange for conservative legislation being brought to the floor.
The last time the debt ceiling was reached, in January 2023, the figure stood at $31.4 trillion. Under a deal reached in June that same year, Congress suspended the debt ceiling until 1 January, 2025.
The deal, if enacted, will boost the nation's borrowing limit for two years and take the full faith and credit of the US off the negotiating table through the next presidential election, according ...