US to max out on debt soon, setting up political fight
2 years ago

US to max out on debt soon, setting up political fight

Associated Press  

WASHINGTON — The federal government is on track to max out on its $31.4 trillion borrowing authority as soon as this month, starting the clock on an expected standoff between President Joe Biden and the new House Republican majority that will test both parties’ ability to navigate a divided Washington, with the fragile global economy at stake. McCarthy said he’s spoken with Biden about the coming debt ceiling and told the president “it doesn’t have to come to that” — meaning a federal government shutdown over spending levels. “This is our moment to change the behavior,” McCarthy said Tuesday on Fox News Channel’s “Hannity.” But the new speaker stopped short of saying Republicans now in charge of the House would go so far as to refuse to pass the annual spending bills needed to fund the government, as happened more than a decade ago during an earlier debt ceiling showdown in Congress. “Congress is going to need to raise the debt limit without — without — conditions, and it’s just that simple,” White House press secretary Karine Jean-Pierre said recently. Good fought McCarthy’s bid to become speaker until the final vote, when he responded “present.” The debt ceiling debate is a form of political theater — it encourages lawmakers to engage in brinkmanship in the name of fiscal responsibility — though past showdowns have done little to meaningfully alter the long-term rise in federal debt.

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History of this topic

The debt ceiling is back, but no need to worry – yet
2 weeks ago

The debt ceiling is back, but no need to worry – yet

CNN  

CNN — The nation’s debt ceiling was reinstated Thursday, giving congressional Republicans yet another divisive challenge to contend with in 2025. Each bill they work on in the coming months offers an opportunity for a timely debt limit resolution.” Just how long Congress has to handle its debt ceiling dilemma depends heavily on the amount of federal tax revenue collected …

Trump lashes out at extension of debt ceiling and points finger at Democrats and McCarthy over crisis: Live updates
2 weeks, 3 days ago

Trump lashes out at extension of debt ceiling and points finger at Democrats and McCarthy over crisis: Live updates

The Independent  

✕ Close Musk Vs MAGA War: Trump Camp In Bitter Fight Over Immigration, Foreign Worker Visas Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from …

Opinion: Politics past will haunt Washington in 2025. It won't be pretty
Trending News
2 weeks, 4 days ago

Opinion: Politics past will haunt Washington in 2025. It won't be pretty

LA Times  

President-elect Donald Trump sits in the White House Oval Office during his meeting with President Biden after the Nov. 5 election. Having first made U.S. history by ousting a speaker in the just-concluded Congress — former Bakersfield Rep. Kevin McCarthy — some House Republicans are already predicting that Speaker Mike Johnson of Louisiana won’t survive the new one. First Musk …

Janet Yellen warns Congress ‘extraordinary measures’ will be needed to stop US hitting debt limit
2 weeks, 4 days ago

Janet Yellen warns Congress ‘extraordinary measures’ will be needed to stop US hitting debt limit

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Treasury Secretary Janet Yellen said her agency will need to …

Treasury secretary warns another crisis is coming unless 'extraordinary measures' taken
2 weeks, 5 days ago

Treasury secretary warns another crisis is coming unless 'extraordinary measures' taken

Raw Story  

Outgoing Treasury Secretary Janet Yellen issued a dire warning that "extraordinary measures" will need to be taken to avoid a default on U.S. debt if Congress does not act to raise the debt ceiling soon, The New York Times reported Friday. The debt limit was suspended in June 2023 after a contentious negotiation over federal spending, work requirements for receiving …

Janet Yellen tells Congress US could hit debt limit in mid-January
Trending News
2 weeks, 5 days ago

Janet Yellen tells Congress US could hit debt limit in mid-January

Associated Press  

WASHINGTON — Treasury Secretary Janet Yellen said her agency will need to start taking “extraordinary measures,” or special accounting maneuvers intended to prevent the nation from hitting the debt ceiling, as early as January 14, in a letter sent to congressional leaders Friday afternoon. “Treasury expects to hit the statutory debt ceiling between January 14 and January 23,” Yellen wrote …

Republicans Reject Trump Twice In A Week
3 weeks, 2 days ago

Republicans Reject Trump Twice In A Week

Huff Post  

LOADING ERROR LOADING Republicans have dealt a pair of stinging rejections to President-elect Donald Trump over the past week, a sign of how Trump’s immediate lame-duck status could limit his influence despite his enormous sway over the GOP’s most dedicated voters. Ron DeSantis resisting Trump’s entreaties to appoint his daughter-in-law, Lara Trump, to Florida’s open Senate seat and more than …

Biden signs bill that averts a government shutdown and brings a close to days of Washington upheaval
3 weeks, 4 days ago

Biden signs bill that averts a government shutdown and brings a close to days of Washington upheaval

Associated Press  

WASHINGTON — President Joe Biden signed a bill into law Saturday that averts a government shutdown, bringing a final close to days of upheaval after Congress approved a temporary funding plan just past the deadline and refused President-elect Donald Trump’s core debt demands in the package. That’s good news for the American people.” House Speaker Mike Johnson, R-La., had insisted …

US: House approves funding bill hours before govt shutdown deadline
3 weeks, 5 days ago

US: House approves funding bill hours before govt shutdown deadline

Deccan Chronicle  

Hours to go before a midnight government shutdown, the House approved a new plan late Friday from Speaker Mike Johnson that would temporarily fund federal operations and disaster aid, but drops President-elect Donald Trump's demands for a debt limit increase into the new year.Johnson insisted Congress would "meet our obligations" and not allow federal operations to shutter ahead of the …

Joe Biden signs bills to avert shutdown, ending days of political turmoil in Washington
3 weeks, 5 days ago

Joe Biden signs bills to avert shutdown, ending days of political turmoil in Washington

India Today  

President Joe Biden on Saturday signed legislation that averts a government shutdown heading into Christmas, bringing a final close to days of upheaval in Washington after Congress passed a bipartisan budget plan just past the deadline and rejected Donald Trump’s core demand in the negotiations. House Speaker Mike Johnson, R-La., had insisted lawmakers would “meet our obligations” and not allow …

House approves funding bill, sends to Senate hours before government shutdown deadline
3 weeks, 5 days ago

House approves funding bill, sends to Senate hours before government shutdown deadline

New Indian Express  

The new 118-page package would fund the government at current levels through March and adds $100 billion in disaster aid and $10 billion in agricultural assistance to farmers. The federal debt limit expires Jan. 1, and Trump doesn't want the first months of his new administration saddled with tough negotiations in Congress to lift the nation's borrowing capacity. “Congress must …

Biden signs bill that averts government shutdown after days of upheaval
3 weeks, 5 days ago

Biden signs bill that averts government shutdown after days of upheaval

LA Times  

The Capitol is pictured in Washington on Friday. President Biden signed a bill into law Saturday that averts a government shutdown, bringing a final close to days of upheaval after Congress approved a temporary funding plan just past the deadline and refused President-elect Donald Trump’s core debt demands in the package. That’s good news for the American people.” House Speaker …

Government shutdown is averted just after deadline as Congress rejects Trump’s debt limit demands
3 weeks, 5 days ago

Government shutdown is averted just after deadline as Congress rejects Trump’s debt limit demands

Associated Press  

▶ Follow live updates on federal funding negotiations as a government shutdown looms. WASHINGTON — Facing a government shutdown deadline, the Senate rushed through final passage early Saturday of a bipartisan plan that would temporarily fund federal operations and disaster aid, dropping President-elect Donald Trump’s demands for a debt limit increase into the new year. But the day’s outcome was …

Washington DC plunges into chaos as government shutdown looms after Republican spending plan fails
3 weeks, 5 days ago

Washington DC plunges into chaos as government shutdown looms after Republican spending plan fails

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. But Johnson’s team was also looking at the passage of a “clean” continuing resolution …

'Very strange': GOP lawmakers question 'completely avoidable' failure of spending bill
3 weeks, 5 days ago

'Very strange': GOP lawmakers question 'completely avoidable' failure of spending bill

Raw Story  

Republicans were stunned when Elon Musk, with Donald Trump's help, successfully torpedoed a stopgap government funding bill that House speaker Mike Johnson had brokered. “This was completely avoidable.” Trump and Johnson discussed the funding bill in a private box at last weekend's Army-Navy football game, and Trump told the speaker he wanted a full-year spending bill with the debt limit …

Donald Trump hopes a Republican challenges U.S. Rep. Chip Roy over debt ceiling opposition
3 weeks, 5 days ago

Donald Trump hopes a Republican challenges U.S. Rep. Chip Roy over debt ceiling opposition

Raw Story  

"Donald Trump hopes a Republican challenges U.S. Rep. Chip Roy over debt ceiling opposition" was first published by The Texas Tribune, a nonprofit, nonpartisan media organization that informs Texans — and engages with them — about public policy, politics, government and statewide issues. WASHINGTON — President Donald Trump invited a primary challenge against U.S. Rep. Chip Roy on Thursday for …

Trump just handed Democrats an 'enticing' policy offer — and they should take it: analyst
3 weeks, 6 days ago

Trump just handed Democrats an 'enticing' policy offer — and they should take it: analyst

Raw Story  

President-elect Donald Trump is demanding as part of the spending package the GOP is trying to force through that the debt ceiling be extended — or possibly abolished altogether, which Democrats have broadly rejected as a ploy to allow new tax breaks for billionaires. But not so fast, columnist Heather Long wrote for The Washington Post — Trump's proposal is …

Government funding bill clears Congress and heads to Biden, averting a shutdown
3 weeks, 6 days ago

Government funding bill clears Congress and heads to Biden, averting a shutdown

LA Times  

“If there is going to be a shutdown of government, let it begin now,” President-elect Donald Trump posted on social media. Facing a government shutdown deadline, the Senate rushed through final passage early Saturday of a bipartisan plan that would temporarily fund federal operations and disaster aid, dropping President-elect Donald Trump’s demands for a debt limit increase into the new …

US Congress debates last-minute spending bill to avert government shutdown
3 weeks, 6 days ago

US Congress debates last-minute spending bill to avert government shutdown

Al Jazeera  

Nonessential government functions are expected to shutter on Saturday unless a government spending bill can be passed. “If there is going to be a shutdown of government, let it begin now, under the Biden Administration, not after January 20th, under ‘TRUMP’,” the president-elect said on Friday in a social media post. “If Republicans try to pass a clean Continuing Resolution …

House GOP floats new plans to prevent government shutdown with just hours to go
3 weeks, 6 days ago

House GOP floats new plans to prevent government shutdown with just hours to go

New Indian Express  

WASHINGTON: Veering toward a midnight Friday government shutdown, House Speaker Mike Johnson is proposing a new plan that would temporarily fund federal operations and disaster aid, but punts President-elect Donald Trump demands for a debt limit increase into the new year. House Republicans are meeting behind closed doors on next steps after Trump doubled-down on his insistence that a debt …

Dozens of Senate Republicans may oppose Trump's top demand: GOP senator
3 weeks, 6 days ago

Dozens of Senate Republicans may oppose Trump's top demand: GOP senator

Raw Story  

President-elect Donald Trump has made either significantly raising the debt ceiling or eliminating it all together his top demand in the current standoff over government funding. Indeed, the MAGA leader touted Thursday that he struck a new deal with House Republicans on a spending bill that would punt the debt ceiling for two years. As Raju wrote on X, Sen. …

What to know about the debt ceiling debate as a government shutdown looms in Washington
3 weeks, 6 days ago

What to know about the debt ceiling debate as a government shutdown looms in Washington

Associated Press  

A debate over the debt ceiling is at the center of a dispute over funding that is pushing Washington to the brink of a federal government shutdown. The debt ceiling, or debt limit, is the total amount of money that the United States government can borrow to meet its existing legal obligations. When he rejected the spending proposal on Wednesday, …

Democrats Balk At Donald Trump’s Surprise New Demand As Government Shutdown Looms
3 weeks, 6 days ago

Democrats Balk At Donald Trump’s Surprise New Demand As Government Shutdown Looms

Huff Post  

LOADING ERROR LOADING WASHINGTON ― House Democratic leader Hakeem Jeffries on Thursday said “hard pass” on President-elect Donald Trump’s suggestion that Congress get rid of the debt ceiling as part of a government funding bill. “GOP extremists want House Democrats to raise the debt ceiling so that House Republicans can lower the amount of your Social Security check,” Jeffries wrote …

Musk's outrage spurs Trump to block bipartisan budget, government shutdown looms
4 weeks ago

Musk's outrage spurs Trump to block bipartisan budget, government shutdown looms

Hindustan Times  

President-elect Donald Trump delivered a likely death blow to bipartisan congressional budget negotiations on Wednesday, rejecting the measure as full of giveaways to Democrats after billionaire ally Elon Musk whipped up outrage toward the bill and cheered on Republican lawmakers who announced their opposition. “Stop the steal of your tax dollars!” Musk wrote on his social media platform X as …

Dems are suddenly squeamish about a debt limit hike
4 weeks ago

Dems are suddenly squeamish about a debt limit hike

Politico  

Dems are suddenly squeamish about a debt limit hike With assists from POLITICO’s Congress team Rep. Brad Schneider said the GOP's decision to renege on a CR deal “makes it virtually impossible” to address the debt limit. Follow the action at Inside Congress Live THE CEILING IS THE FLOOR House Democrats are finding themselves in uncharted waters after President-elect Donald …

Trump intervened to sink US debt ceiling bill. What happens next?
4 weeks ago

Trump intervened to sink US debt ceiling bill. What happens next?

Al Jazeera  

The president-elect’s late intervention to sink the bipartisan bill leaves lawmakers scrambling to reach an agreement. After scuppering the bipartisan spending bill, Trump threw his support behind a hastily assembled spending package that included a two-year suspension of the debt ceiling at his urging. In an interview with NBC News earlier on Thursday, Trump said that getting rid of the …

Democrats dodge a debt ceiling deal
4 weeks ago

Democrats dodge a debt ceiling deal

Politico  

“Let’s get rid of the debt limit. As much as Democrats would love to disarm this particular legislative time bomb, they’re not in any mood to negotiate with Republicans after Trump and billionaire ally Elon Musk sabotaged the prior deal to keep the government open and provide billions in disaster and farm relief. Rep. Brad Schneider, the incoming chair of …

Musk and Trump put House GOP in a bind
4 weeks ago

Musk and Trump put House GOP in a bind

Politico  

But then Trump and Vice President-elect JD Vance dumped gasoline on the fire. And we should pass a streamlined spending bill that doesn’t give Chuck Schumer and the Democrats everything they want.” The request for a debt ceiling hike blindsided many on Capitol Hill. Johnson’s not wrong about that: Even before Trump made his debt ceiling demand, some conservatives were …

Trump and Vance bemoan Dem 'giveaways' in funding bill — and beg GOP to call their 'bluff'
4 weeks ago

Trump and Vance bemoan Dem 'giveaways' in funding bill — and beg GOP to call their 'bluff'

Raw Story  

President-elect Donald Trump and his incoming vice president bemoaned "democrat giveaways" on Wednesday in trying to explain why they helped torpedo a stopgap funding bill that would avert a government shutdown just before the holidays. But Trump and key ally Elon Musk came out against House Speaker Mike Johnson's funding bill on Wednesday, throwing the entire process into chaos two …

"Call their bluff": Trump, Vance urge GOP lawmakers to vote down emergency government funding bill
4 weeks, 1 day ago

"Call their bluff": Trump, Vance urge GOP lawmakers to vote down emergency government funding bill

Salon  

President-elect Donald Trump is urging members of his party to vote down a resolution that would fund the federal government into March. In a joint statement with Vice President-elect JD Vance shared by Vance on social media, the incoming executives said that Republican legislators should "call bluff" of congressional Democrats and push for a new resolution that doesn't include spending …

Inflation, debt, default: Donald Trump’s second term poses massive economic challenges
2 months, 1 week ago

Inflation, debt, default: Donald Trump’s second term poses massive economic challenges

Live Mint  

As Donald Trump begins his second term, several key challenges lie ahead. The growing debt burden has already affected investor confidence, sending U.S. government bond yields higher as market participants worry about the long-term sustainability of U.S. fiscal policy. Previous debt ceiling standoffs have pushed the U.S. close to default, and there is concern that the political divide in Washington …

GOP accused of breaking debt ceiling deal and 'threatening a government shutdown'
1 year, 6 months ago

GOP accused of breaking debt ceiling deal and 'threatening a government shutdown'

Raw Story  

The top Democrat on the House Appropriations Committee accused her Republican colleagues on Thursday of increasing the likelihood of a government shutdown by approving spending numbers below the levels set under the bipartisan debt ceiling agreement, which hasn't even been law for two weeks. In an appearance on CNN, Rep. Rosa DeLauro said House Republicans have already "walked away from …

Biden signs debt ceiling bill that pulls US back from brink of unprecedented default
1 year, 7 months ago

Biden signs debt ceiling bill that pulls US back from brink of unprecedented default

Associated Press  

WASHINGTON — With just two days to spare, President Joe Biden signed legislation on Saturday that lifts the nation’s debt ceiling, averting an unprecedented default on the federal government’s debt. Instead of holding a public ceremony with lawmakers from both parties — showcasing the bipartisanship that Biden had cited in an Oval Office address on Friday evening — the president …

Debt ceiling news latest: Biden signs debt limit bill after hailing deal in Oval Office address
1 year, 7 months ago

Debt ceiling news latest: Biden signs debt limit bill after hailing deal in Oval Office address

The Independent  

✕ Close Voting has started as lawmakers agree on a debt limit deal Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read …

Biden Signs Debt Ceiling Bill That Pulls US Back From Brink Of Default
1 year, 7 months ago

Biden Signs Debt Ceiling Bill That Pulls US Back From Brink Of Default

Huff Post  

LOADING ERROR LOADING The White House announced the signing, done in private at the White House, in an emailed statement in which Biden thanked congressional leaders for their partnership. President Joe Biden meets with House Speaker Kevin McCarthy of Calif., to discuss the debt limit in the Oval Office of the White House, Monday, May 22, 2023, in Washington. “We’re …

Biden set to sign debt ceiling bill that averts prospect of unprecedented federal default
1 year, 7 months ago

Biden set to sign debt ceiling bill that averts prospect of unprecedented federal default

The Hindu  

President Joe Biden is expected to sign legislation on Saturday to raise the debt ceiling, dodging Monday's deadline when the Treasury warned that the United States would start running short of cash to pay all its bills. The agreement was hashed out by Mr. Biden and House Speaker Kevin McCarthy, giving Republicans some of their demanded federal spending cuts but …

Biden signs debt ceiling bill, pulling US from brink of default
1 year, 7 months ago

Biden signs debt ceiling bill, pulling US from brink of default

Al Jazeera  

With just two days to spare, President Joe Biden has signed legislation that lifts the nation’s debt ceiling, averting an economically disastrous default on the federal government’s debt. “We’re protecting important priorities from Social Security to Medicare to Medicaid to veterans to our transformational investments in infrastructure and clean energy.” Even as he pledged to continue working with Republicans, Biden …

5 Takeaways From The Debt Ceiling Drama
1 year, 7 months ago

5 Takeaways From The Debt Ceiling Drama

Huff Post  

LOADING ERROR LOADING WASHINGTON ― President Joe Biden will sign the Fiscal Responsibility Act into law on Saturday, capping weeks of congressional drama with a surprisingly dull end to a standoff that risked a worldwide economic catastrophe. Both sides kept their word.” The painstaking negotiations that drove headlines in Washington for months revealed several things about Republicans, Democrats and Biden’s …

U.S. Congress approves debt-limit suspension, averting default
1 year, 7 months ago

U.S. Congress approves debt-limit suspension, averting default

The Hindu  

The U.S. Senate on June 1 passed bipartisan legislation backed by President Joe Biden that lifts the government's $31.4 trillion debt ceiling, averting what would have been a first-ever default. "We are avoiding default tonight," Senate Majority Leader Chuck Schumer said on June 1 as he steered the legislation through his 100-member chamber. ‘Time is a Luxury’ Republicans had blocked …

Just Days To Spare, Senate Gives Final Approval To Debt Ceiling Deal, Sending It To Biden
1 year, 7 months ago

Just Days To Spare, Senate Gives Final Approval To Debt Ceiling Deal, Sending It To Biden

Huff Post  

LOADING ERROR LOADING WASHINGTON — Fending off a U.S. default, the Senate gave final approval late Thursday to a debt ceiling and budget cuts package, grinding into the night to wrap up work on the bipartisan deal and send it to President Joe Biden's desk to become law before the fast-approaching deadline. Senate Majority Leader Chuck Schumer said the bill's …

Deal to raise debt ceiling passes US Senate, heads to Biden
1 year, 7 months ago

Deal to raise debt ceiling passes US Senate, heads to Biden

Al Jazeera  

The vote comes as the US hurtles towards a June 5 deadline to raise the government borrowing limit or face default. The United States Senate has voted to approve a bipartisan deal that would increase the country’s debt ceiling, clearing the bill’s last major hurdle before it reaches the desk of President Joe Biden. Still, Senators like Maine’s Susan Collins …

Debt Ceiling Deal Clears House On Bipartisan Vote; Senate Up Next
1 year, 7 months ago

Debt Ceiling Deal Clears House On Bipartisan Vote; Senate Up Next

Huff Post  

LOADING ERROR LOADING The bill to raise the government’s limit on borrowing and trim the federal budget deficit passed the House late Wednesday, leaving the Senate the last obstacle to avoiding a debt default. “We produced a bill that — in divided government — takes a step towards smaller government, less regulation, more economic growth, and more take-home pay,” McCarthy …

US debt ceiling bill passes House with broad bipartisan support
1 year, 7 months ago

US debt ceiling bill passes House with broad bipartisan support

India Today  

A divided US House of Representatives passed a bill to suspend the $31.4 trillion debt ceiling on Wednesday, with majority support from both Democrats and Republicans to overcome opposition led by hardline conservatives and avoid a catastrophic default. READ | US debt ceiling deal ready to head to Congress, says Biden as cash runs low Republicans control the House by …

What is the US debt ceiling deal? Key points to know
1 year, 7 months ago

What is the US debt ceiling deal? Key points to know

Live Mint  

The two mainstream political parties of the United States of America, Republican and Democratic, agreed — albeit in principle — to raise the debt ceiling to avert a default. The raising of debt ceiling is seen as a positive move for the entire economy as it would reportedly prevent a default that would have ensued recession, colossal job loss, inflation …

Debt limit deal heads to vote in full House while McCarthy scrambles for GOP approval
1 year, 7 months ago

Debt limit deal heads to vote in full House while McCarthy scrambles for GOP approval

Associated Press  

WASHINGTON — Under fire from conservatives, House Speaker Kevin McCarthy worked furiously Tuesday to sell fellow Republicans on the debt ceiling and budget deal he negotiated with President Joe Biden and win approval in time to avert a potentially disastrous U.S. default. Overall the 99-page package restricts spending for the next two years, lifts the debt limit and includes policy …

Opinion: The biggest lesson from the debt ceiling fight
1 year, 7 months ago

Opinion: The biggest lesson from the debt ceiling fight

CNN  

Editor’s Note: John Avlon is a CNN senior political analyst and anchor. After months of negotiations between Republican leaders and then-President Barack Obama, the House passed an 11th hour bill by a 269-161 vote, despite opposition from Tea Party conservatives and liberal Democrats alike. The final tally was 193 Democratic House votes and 28 Republican House votes – including Boehner …

America’s debt-ceiling deal means it should now avoid Armageddon
1 year, 7 months ago

America’s debt-ceiling deal means it should now avoid Armageddon

Hindustan Times  

Even in a sharply divided Washington, DC, politics-as-usual sometimes works. The consequences of a debt default, the first in America’s modern history, would be dire: the shock from disruption in the biggest sovereign-debt market, accounting for about one-third of the global total and underpinning pricing in financial markets everywhere, threatened to reverberate through every economy around the world. The gravity …

US debt limit deal: How we got here
1 year, 7 months ago

US debt limit deal: How we got here

Al Jazeera  

Bipartisan deal to raise debt ceiling and avoid ‘disastrous’ default heads to US Congress after weeks-long impasse. The agreement negotiated by Biden and Republican House Speaker Kevin McCarthy would suspend the debt ceiling for two years and cap government spending during the same period. In April, McCarthy put forward a bill to raise the debt ceiling that would advance key …

Debt Limit deal explained: How will it impact US economy, polls and people
1 year, 7 months ago

Debt Limit deal explained: How will it impact US economy, polls and people

Hindustan Times  

The recent agreement between President Joe Biden and House Republicans regarding the debt limit and spending has sparked discussions and debates. Biden and House Speaker Kevin McCarthy reached a final agreement Sunday on a deal to raise the nation's debt ceiling while trying to ensure enough Republican and Democratic votes to pass the measure in the coming week. Non-defense Spending …

US debt ceiling deal: the key takeaways
1 year, 7 months ago

US debt ceiling deal: the key takeaways

Raw Story  

President Joe Biden and House Republicans have reached a deal to raise the government's debt ceiling and avert a devastating default. The crux of it Formally known as the Fiscal Responsibility Act of 2023, the bill provides for an increase to the debt ceiling of $31.4 trillion for two years, meaning Biden will crucially not need to negotiate it again …

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