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GOP leaders in the House last month floated an idea to raise the debt limit by $1.5 trillion in 2025 as part of a first reconciliation package, which may include border security and energy ...
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.
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.
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."
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.
Yellen said in the letter that the debt ceiling could be reached between Jan. 14 and Jan. 23, at which point the Treasury would, "start taking extraordinary measures," to prevent the country from ...
5. Debt ceiling. The debt ceiling was reinstated today, though Congress has several months to address it before the nation could default on its obligations. That figure stood at just under $36.2 ...
Conservatives now say Trump will need to agree to deep cuts in spending if he wants their support for raising the debt limit in 2025. “We’re about 33 percent overdrawn.