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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 ...
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 ...
Since first setting a debt limit of $45bn in 1939, the debt ceiling has been raised 103 times. The last time the debt ceiling was reached, in January 2023, the figure stood at $31.4 trillion.
A debate over the debt ceiling is at the center of a dispute over funding that is pushing Washington to the brink of a federal government shutdown. President-elect Donald Trump has demanded that a provision raising or suspending the nation's debt limit — something that his own party routinely resists — be included in legislation to avert a ...
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.
GOP leaders in the House last month floated an idea to raise the debt limit by $1.5 trillion in 2025 as part of a first reconciliation package, which may include border security and energy ...
The debt ceiling is the unexpected debate in Washington this week after President-elect Donald Trump threw the annual holiday-season government-funding talks into disarray.
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. It was the ...