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Bill passed after senators rejected 11 proposed amendments
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 debt ceiling compromise bill sailed to passage in the House on Wednesday evening. The House voted 314-117 after just over an hour of debate on the legislation. The bill required a simple ...
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 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.
House Republicans passed sweeping legislation Wednesday that would raise the government's legal debt ceiling by $1.5 trillion in exchange for steep spending restrictions, a tactical victory for ...
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]