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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 federal government will begin 2025 with significantly more cash on hand compared to the start of the most recent debt limit debate in 2023,” said Shai Akabas, executive director of the ...
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.
He promised that a debt ceiling deal would happen through the reconciliation process and would pair a debt limit increase of $1.5 trillion with $2.5 trillion in cuts made to "net mandatory spending."
The debt ceiling was one of the sticking points Trump used to scrap a bipartisan deal to keep the government funded through March. Now he's revisiting a much-used political tool.
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.
Since the debt ceiling system was instituted in 1917, Congress has never not raised the debt ceiling. Congress has voted 78 times to raise or suspend the debt limit since 1960.
Since first setting a debt limit of $45bn in 1939, the debt ceiling has been raised 103 times. The last time the debt ceiling was reached, in January 2023, the figure stood at $31.4 trillion.