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Also, this number excludes state and local debt. According to the OECD, general government gross debt (federal, state, and local) in the United States in the fourth quarter of 2015 was $22.5 trillion (125% of GDP); subtracting out $5.25 trillion for intragovernmental federal debt to count only federal "debt held by the public" gives 96% of GDP.
The delay in raising the debt ceiling resulted in the first downgrade in the United States credit rating, a sharp drop in the stock market, and an increase in borrowing costs. Congress raised the debt limit with the Budget Control Act of 2011 , which added to the fiscal cliff when the new ceiling was reached on December 31, 2012.
‘I can't even count how many debt ceiling fights I've been through’ Observers are comparing a possible 2023 standoff to 2011 and 2013 when then-President Obama faced off against Republican ...
The net worth of American households and non-profits constitutes three-quarters of total United States net worth – in 2008, 355% of GDP. Since 1960, US households have consistently held this position, followed by nonfinancial business (137% of GDP in 2008) and state and local governments (50% of GDP in 2008).
House Republicans are eyeing an alternative government funding stopgap that excludes a debt ceiling increase, and are instead working on a commitment to raise the borrowing limit twice next year ...
It also includes this clause, which some legal scholars see as relevant to today's showdown: “The validity of the public debt of the United States, authorized by law, including debts incurred ...
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.
The $480 billion increase in the country’s borrowing ceiling cleared the Senate last week on a party-line vote. The House approved it swiftly so President Joe Biden can sign it into law this week.