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The nation’s debt ceiling was reinstated Thursday, giving congressional Republicans yet another divisive challenge to contend with in 2025. President-elect Donald Trump is demanding that GOP ...
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."
Bill passed after senators rejected 11 proposed amendments
In 2013, when the government careened toward default before raising the debt limit at the last minute, the economy lost 1% of GDP. The debt limit debate Congress could eliminate the debt ceiling.
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.
The Senate on Thursday night passed a bill to raise the debt ceiling. The measure was approved in a bipartisan 63-36 vote after passing the House by a wide and bipartisan margin Wednesday night.
WASHINGTON (Reuters) -U.S. President-elect Donald Trump said on Sunday the 2023 debt ceiling extension agreed by then House Speaker Kevin McCarthy and President Joe Biden will "go down as one of ...
The last time the debt ceiling was reached, in January 2023, the figure stood at $31.4 trillion. Under a deal reached in June that same year, Congress suspended the debt ceiling until 1 January, 2025.