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President-elect Donald Trump on Wednesday shone a spotlight on the debt ceiling, rejecting a bipartisan government funding deal negotiated by House Speaker Mike Johnson and demanding lawmakers ...
The nation’s debt ceiling was reinstated Thursday, giving congressional Republicans yet another divisive challenge to contend with in 2025. President-elect Donald Trump is demanding that GOP ...
Trump dodged questions about the debt while campaigning and does not have a plan to cut spending, even though he's promised lots of tax cuts (a recipe for higher deficits and more borrowing).
The national debt was up to $80,885 per person as of 2020. [153] The national debt equated to $59,143 per person U.S. population, or $159,759 per member of the U.S. working taxpayers, back in March 2016. [154] In 2008, $242 billion was spent on interest payments servicing the debt, out of a total tax revenue of $2.5 trillion, or 9.6%. Including ...
The last time the debt ceiling was reached, in January 2023, the figure stood at $31.4 trillion. Under a deal reached in June that same year, Congress suspended the debt ceiling until 1 January, 2025.
Speaker Mike Johnson (R-La.) last week also floated a proposal under which the House GOP conference would agree to raise the debt limit by $1.5 trillion in the first of two budget reconciliation ...
The federal government's gross national debt has surpassed $34 trillion, a record high that foreshadows the coming political and economic challenges to improve America's balance sheet in the ...
Contrast that with the 12 years under Presidents Ronald Reagan and George H. W. Bush (mostly with a hostile or partly hostile Congress), which averaged a 4% deficit due to defense spending ...