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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)
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 ...
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 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.
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 ...
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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.
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). But it was not to be.