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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)
Although the debt ceiling returns on January 2, the nation’s outstanding debt is set to decline slightly on that day so the new limit will be reached again later in the month, according to a ...
In 2022, President Joe Biden also signed the Inflation Reduction Act, which limits how much Medicare enrollees must pay out-of-pocket for prescription drugs, including a $35-a-month cap on insulin.
The Inflation Reduction Act of 2022 (IRA) is a United States federal law which aims to reduce the federal government budget deficit, lower prescription drug prices, and invest in domestic energy production while promoting clean energy. It was passed by the 117th United States Congress and signed into law by President Joe Biden on August 16, 2022.
The final plan, [34] released on December 1, 2010, aimed to reduce the federal deficit by nearly $4 trillion, stabilizing the growth of debt held by the public by 2014, reduce debt 60 percent by 2023 and 40 percent by 2035. Outlays would equal 21.6 percent of GDP in 2015, compared to 23.8 percent in 2010 and would fall to 21.0 percent by 2035.
It’s an open joke in Washington, DC that the “Inflation Reduction Act” is badly misnamed. Several sound analyses have found that the so-called IRA, which Congress passed on Aug. 12 and ...
The Budget Control Act of 2011 (Pub. L. 112–25 (text), S. 365, 125 Stat. 240, enacted August 2, 2011) is a federal statute enacted by the 112th United States Congress and signed into law by US President Barack Obama on August 2, 2011. The Act brought conclusion to the 2011 US debt-ceiling crisis.
Jeffries told reporters that raising the debt limit as part of the government funding bill is "premature at best." "We are going to continue to maintain an open line of communication to see if we ...
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