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Some 38 House of Representatives Republicans voted against a debt ceiling bill Trump demanded, showing the limits of his grip on the party, a month before he takes office on Jan. 20.
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.
For about 48 hours last week, it looked like a debt ceiling fight in 2025 would be averted as ideas were floated to push the issue off until 2027 or 2029 (or even forever). But it was not to be.
Following the passage of the Fiscal Responsibility Act, 11 angry members of the Freedom Caucus voted with Democrats to block a procedural rules vote on a Republican bill that would hinder the federal government's ability to regulate gas stoves. Freedom Caucus members said the vote was a protest of McCarthy's handling of the debt-ceiling crisis ...
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.
In 1917, when it was financing World War I with Liberty Bonds, Congress instituted a limit on US borrowing and the debt ceiling evolved from there as US debt has grown and grown and grown.
The final vote was 366-34-1, easily surpassing the two-thirds majority threshold needed for passage under suspension of the rules. No Democrats voted against the measure, while 34 Republicans ...
On January 19, 2023, the United States hit its debt ceiling of $31.4 trillion. [64] By this time, Republicans had taken control of the House during the 2022 midterm elections. Although Republicans were a minority in the Senate, they threatened for the first time in American history to use the filibuster to stop the debt ceiling increase. [36]