Search results
Results from the WOW.Com Content Network
The federal debt stands at roughly $36 trillion, and the spike in inflation after the coronavirus pandemic has pushed up the government’s borrowing costs such that debt service next year will exceed spending on national security. The last time lawmakers raised the debt limit was June 2023.
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. ... deadline and routinely pass ...
Republicans made a so-called handshake agreement to raise the debt limit at that time while also cutting $2.5 trillion in spending over 10 years. It’s essentially the same deal that flopped the night before in a spectacular setback — opposed by most Democrats and some of the most conservative Republicans — minus Trump’s debt ceiling demand.
The current debt limit suspension ends on January 1, 2025. The agreement allows a few extra months for the Treasury Department to use what's known as “extraordinary measures” to keep the ...
The debt ceiling, which caps the amount the federal government can borrow, had previously not been on the table during negotiations over a stopgap spending bill before Friday's midnight deadline ...
[8] [9] In response, McCarthy cut deals with Democrats to raise the debt ceiling and keep the government open. [10] This led to his removal as speaker and the election of Mike Johnson as speaker. [11] Johnson also cut spending deals with Democrats for fiscal year 2024, but a motion to remove him was unsuccessful. [12]
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.
Established by Congress, the debt ceiling is the maximum amount the federal government can borrow to finance obligations that lawmakers and presidents have already approved. Treasury needs to ...