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After weeks of debates and delays, the U.S. Senate passed bipartisan legislation to lift the federal debt ceiling just days before the June 5 deadline set by the Treasury Department. Though...
The current debt limit suspension ends on January 1, 2025. The agreement allows a few extra months for the Treasury Department to use what's known as “extraordinary measures” to keep the ...
The Treasury minting a trillion-dollar coin with its authority under 31 U.S.C. Section 5112, depositing it at the Federal Reserve, and drawing it down to pay the government's bills. The Treasury issuing premium bonds rather than par bonds as Treasury debt comes due, lowering the face amount of debt outstanding and subject to the debt limit.
It’s six times the U.S. debt figure in 2000 ($5.6 trillion). Paid back interest-free at the rate of $1 million an hour, $33 trillion would take more than 3,750 years.
The national debt has passed other trillion-dollar milestones in the past year, as the $34 trillion mark was reached in early January 2024 and the $33 trillion threshold in September 2023.
The debt ceiling is part of a law (Title 31 of the United States Code, section 3101) created by Congress. According to the Government Accountability Office, "The debt limit does not control or limit the ability of the federal government to run deficits or incur obligations. Rather, it is a limit on the ability to pay obligations already incurred."
The United States first instituted a statutory debt limit with the Second Liberty Bond Act of 1917. This legislation set limits on the aggregate amount of debt that could be accumulated through individual categories of debt (such as bonds and bills). In 1939, Congress instituted the first limit on total accumulated debt over all kinds of ...
All U.S. states adopting Medicaid expansion would save an estimated 7,000 lives each year, shave off $2 billion of medical debt in collection and lead to 48,640 fewer evictions on an annual basis ...