Search results
Results from the WOW.Com Content Network
On May 27, Biden and then-House speaker Kevin McCarthy struck a deal to increase the debt-ceiling but cap federal spending; [14] the resulting bill, the Fiscal Responsibility Act of 2023, passed the House on May 31 and the Senate on June 1. [15] Biden signed it into law on June 3, bringing the crisis to an end. [16]
Then, in 2025, there will be a small 1% increase in spending. McCarthy described the new limits Saturday - which includes cuts in certain areas - as "historic."
With days to spare before a potential first-ever government default, President Joe Biden and House Speaker Kevin McCarthy on Sunday were finalizing a deal to raise the nation's debt ceiling while ...
The national debt now stands at $31.4 trillion. An increase in the debt limit would not authorize new federal spending. It would only allow for borrowing to pay for what Congress has already approved.
On June 3, 2023, the debt ceiling was suspended when U.S. president Joe Biden signed the Fiscal Responsibility Act of 2023 into law. [4] This ended the debt-ceiling crisis that began on January 19, 2023; the debt ceiling suspension remained in effect until December 31, 2024.
The Further Additional Continuing Appropriations and Extensions Act, 2023 (Pub. L. 117–264 (text)) to December 30; All 12 appropriations bills were enacted as a part of the Consolidated Appropriations Act, 2023, a $1.7 trillion omnibus spending bill that was signed by President Joe Biden on December 29, 2022. The bill also included ...
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 debt limit was raised to approximately $31.381 trillion on Dec. 16, 2021, but a Republican-led Congress following the midterm elections is now looking for spending cuts in exchange for support ...