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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 that it would pair a debt limit increase of $1.5 trillion with $2.5 trillion in cuts made to "net mandatory ...
A debt-ceiling breach has become a political tool — one that Trump is trying to wield for the last time The debt ceiling limits the amount of money the federal government is allowed to borrow to ...
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.
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 ...
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 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.
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.