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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.
A new debt ceiling was established this week, setting up a debate for the months ahead about averting a government default.. The parameters of that coming standoff are already making Donald Trump ...
The United States debt ceiling is a legislative limit that determines how much debt the Treasury Department may incur. [23] It was introduced in 1917, when Congress voted to give Treasury the right to issue bonds for financing America participating in World War I, [24] rather than issuing them for individual projects, as had been the case in the past.
In the United States, the debt ceiling is a law limiting the total amount of money the federal government can borrow. Since the federal government has consistently run a budget deficit since 2002, it must borrow to finance the spending that has been legally authorized in the federal budget.
“Investors do not like uncertainty, when there is uncertainty present, investors will not invest.”
Yellen said in the letter that the debt ceiling could be reached between Jan. 14 and Jan. 23, at which point the Treasury would, "start taking extraordinary measures," to prevent the country from ...
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.