Search results
Results from the WOW.Com Content Network
The history of the United States debt ceiling deals with movements in the United States debt ceiling since it was created in 1917. Management of the United States public debt is an important part of the macroeconomics of the United States economy and finance system, and the debt ceiling is a limitation on the federal government's ability to manage the economy and finance system.
U.S. federal government debt ceiling from 1990 to January 2012 [33] (unadjusted for GDP and population) The debt-ceiling debate of 1995 led to a showdown on the federal budget and resulted in the U.S. federal government shutdowns of 1995 and 1996. [34] [35] In all, Congress raised the debt ceiling eight times during the Clinton Administration.
According to the Congressional Budget Office, the United States last had a budget surplus during fiscal year 2001, though the national debt still increased. [47] From fiscal years 2001 to 2009, spending increased by 6.5% of gross domestic product (from 18.2% to 24.7%) while taxes declined by 4.7% of GDP (from 19.5% to 14.8%).
The debt ceiling returned on January 2, but Congress has several months to address it before the nation could default on its obligations. (Jemal Countess/Getty Images)
The debt ceiling had been suspended until January 2 as part of the bipartisan Fiscal Responsibility Act, which Congress approved in June 2023 after months of contentious debate between the GOP-led ...
Last week's news that the United States hit the federal debt ceiling prompted the usual worries about its impact on government services and the economy, but it was hardly groundbreaking. Since ...
The 2011 S&P downgrade was the first time the US federal government was given a rating below AAA. S&P had announced a negative outlook on the AAA rating in April 2011. The downgrade to AA+ occurred four days after the 112th United States Congress voted to raise the debt ceiling of the federal government by means of the Budget Control Act of 2011 on August 2, 2011.
Under the FRA, the national debt ceiling will remain uncapped for 2024, kicking the fight over the nation’s debt load — and any long-term solutions — to 2025, past the upcoming presidential ...