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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.
The debt ceiling is routinely raised to accommodate repayment of the country’s debt. The last time it was raised was in 2021. The debt ceiling was suspended last June.
The US last dealt with a debt ceiling crisis in early 2023, when it hit its $31.4 trillion debt limit. After months of contentious negotiations between the GOP-led House and the Democrats who ...
The debt limit is suspended until January 1, 2025. Discretionary spending is capped during fiscal years 2024 and 2025. All unused funds appropriated during the COVID-19 pandemic are rescinded. $1.4 billion of the $80 billion [104] of additional funding for the Internal Revenue Service provided by the Inflation Reduction Act of 2022 is rescinded.
A: The debt ceiling, or limit, was created in 1917 as a way of making it easier to pay for the World War I effort. Before that, Congress would authorize more debt if necessary.
Rather than raise the limit by a dollar amount, lawmakers suspended the debt limit through Jan. 1, 2025. At that point, the limit will be automatically raised to match the amount of debt that has ...
The new debt ceiling law means the next president and Congress will need to act on a default deadline, as well as Obamacare and Trump tax cuts, after the 2024 election.
The current debt limit extension is slated to end on Jan. 1, though the letter said that the debt subject to the limit is projected to decrease by approximately $54 billion on Jan. 2.