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President-elect Donald Trump confounded members of Congress and flipped the government spending debate on its head when he demanded a premature increase to the debt ceiling on “Biden’s watch ...
WASHINGTON (Reuters) -U.S. President-elect Donald Trump said on Sunday the 2023 debt ceiling extension agreed by then House Speaker Kevin McCarthy and President Joe Biden will "go down as one of ...
The legislation would also include $2.5 trillion in cuts to net mandatory spending, aimed at satisfying conservative members who oppose increasing the debt ceiling without accompanying cuts.
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 ...
He promised that a debt ceiling deal would happen through the reconciliation process and that it would pair a debt limit increase of $1.5 trillion with $2.5 trillion in cuts made to "net mandatory ...
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.
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.
Many Republicans oppose increase without spending cuts. Despite Trump’s opposition to the debt limit, many within his party have refused to raise it without drastic cuts to federal spending ...