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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 ...
Then in July 2019, Trump agreed to raise discretionary spending caps by another $320 billion in return for Democrats agreeing to extend the debt limit another two years, past the 2020 election.
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.
The national debt currently exceeds $36 trillion — an increase of about $5 trillion from where it stood at the time of the 2023 debt ceiling battle. Show comments Advertisement
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 ...
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 ...
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.
Donald Trump hoped to avoid a debt ceiling fight in 2025, but it was not to be. Last month, Democrats and about three dozen of the most conservative Republicans made common cause to reject a plan ...