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For about 48 hours last week, it looked like a debt ceiling fight in 2025 would be averted, as ideas were floated to postpone the issue until 2027 or 2029 (or even forever). But it was not to be.
The federal government will hit its debt limit one day after President-elect Donald Trump’s inauguration – at which point “extraordinary measures ... January 21, 2025, and last through ...
The present debt ceiling is an aggregate limit applied to nearly all federal debt, ... This page was last edited on 3 February 2025, at 04:16 (UTC).
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 ...
The Fiscal Responsibility Act of 2023, passed in June 2023, resolved that year's debt-ceiling crisis and set spending caps for FY2024 and FY2025. The act called for $895 billion in defense spending and $711 billion in non-defense discretionary spending for fiscal year 2025, representing a 1% increase over fiscal year 2024. [10]
The debt ceiling was suspended in 2023 through Jan. 1, 2025, and extraordinary measures are expected to buy Congress and Trump a few more months until a potential default.
There were congressional limits on how much new legislation could add to the debt, but market concerns about a debt crisis weren’t an issue. ... The national debt has ballooned to $36 trillion ...
The debt limit is suspended until January 1, 2025. Discretionary spending is capped during fiscal years 2024 and 2025. All unused funds appropriated during the COVID-19 pandemic are rescinded. $1.4 billion of the $80 billion [104] of additional funding for the Internal Revenue Service provided by the Inflation Reduction Act of 2022 is rescinded.