Congress votes to raise the debt ceiling, punting the next fight to 2023
3 years, 1 month ago

Congress votes to raise the debt ceiling, punting the next fight to 2023

NPR  

Congress votes to raise the debt ceiling, punting the next fight to 2023 Enlarge this image toggle caption J. Scott Applewhite/AP J. Scott Applewhite/AP The House voted 221 to 209 early Wednesday morning to increase the federal borrowing limit by $2.5 trillion, a figure Democrats say will allow the government to avoid default until early 2023. The measure, which was approved almost entirely along party lines, means Congress will likely avoid any major debt limit debates until after the 2022 midterm elections. Congressional leaders managed to avoid such a threat this year after Senate Majority Leader Chuck Schumer, D-N.Y., and Senate Minority Leader Mitch McConnell, R-Ky., reached a deal to allow a one-time-only change to Senate rules. Democrats also hope to pass President Joe Biden's roughly $2 trillion Build Back Better legislation before the monthly child tax credit program expires at the end of the year.

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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 …

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 …

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 …

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 …

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 …

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 …

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 …

Key GOP economic talking point destroyed by new analysis
6 months, 3 weeks ago

Key GOP economic talking point destroyed by new analysis

Raw Story  

National debt has for decades been a go-to issue Republicans try to use to persuade voters against supporting social programs — an issue that has crept back to the forefront with new reports that annual interest payments serving the national debt now exceed what the U.S. spends on its military. According to the report, former President Donald Trump's contribution to …

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 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 …

What is the US debt ceiling and what is in the Biden-McCarthy deal?
1 year, 7 months ago

What is the US debt ceiling and what is in the Biden-McCarthy deal?

The Telegraph  

What is the US debt ceiling? Congress passes new spending bills that will increase the debt level, but the debt ceiling is not raised until it is about to be breached. Past debt ceiling fights have typically ended with a hastily arranged agreement in the final hours of negotiations, thus avoiding a default. “That’s the responsibility of governing.” The agreement …

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 …

House OKs debt ceiling bill to avoid default, sends Biden-McCarthy deal to Senate
1 year, 7 months ago

House OKs debt ceiling bill to avoid default, sends Biden-McCarthy deal to Senate

Associated Press  

WASHINGTON — Veering away from a default crisis, the House approved a debt ceiling and budget cuts package late Wednesday, as President Joe Biden and Speaker Kevin McCarthy assembled a bipartisan coalition of centrist Democrats and Republicans against fierce conservative blowback and progressive dissent. Tensions ran high throughout the day as hard-right Republicans refused the deal, while Democrats said “extremist” …

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 …

House approves the Biden-McCarthy debt ceiling bill as default deadline looms
1 year, 7 months ago

House approves the Biden-McCarthy debt ceiling bill as default deadline looms

NPR  

House approves the Biden-McCarthy debt ceiling bill as default deadline looms Enlarge this image toggle caption Drew Angerer/Getty Images Drew Angerer/Getty Images House lawmakers have passed a piece of compromise legislation brokered between President Biden and House Speaker Kevin McCarthy to avoid an unprecedented debt default with just days to spare. But sitting with one House, with a Democratic Senate …

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 …

Key takeaways from Biden and McCarthy's debt ceiling deal
1 year, 7 months ago

Key takeaways from Biden and McCarthy's debt ceiling deal

Firstpost  

There’s a nervous air in the United States as the deadline to increase the debt ceiling approaches. On Saturday, they reached a crucial agreement to raise the government’s debt ceiling, avoiding a disastrous default. AFP Unspent COVID money The deal would also take back some funding that Congress allocated for the coronavirus pandemic but did not spend. A statement from …

Biden says final US debt ceiling deal ready for Congress vote
1 year, 7 months ago

Biden says final US debt ceiling deal ready for Congress vote

Al Jazeera  

US president and House Speaker Kevin McCarthy confident they will be able to get enough support to avert unprecedented default. United States President Joe Biden has finalised an agreement with House Speaker Kevin McCarthy to raise the debt ceiling over two years until January 1, 2025, saying the deal is ready to move to Congress for a vote. “Takes the …

What’s next on the debt ceiling: Selling the plan and making a deal into a law
1 year, 7 months ago

What’s next on the debt ceiling: Selling the plan and making a deal into a law

Associated Press  

WASHINGTON — After weeks of negotiations, President Joe Biden and House Speaker Kevin McCarthy have announced an “ agreement in principle ” to raise the nation’s debt ceiling and avoid a potentially catastrophic default. A look at what’s next as Congress rushes to pass an agreement: FINALIZING THE DEAL Speaking to reporters in the Capitol late Saturday, McCarthy said the …

What's next on the debt ceiling: Selling the plan, and making a deal into a law
1 year, 7 months ago

What's next on the debt ceiling: Selling the plan, and making a deal into a law

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 After weeks of negotiations, President Joe Biden and House Speaker …

Biden, GOP Reach Tentative Deal To Raise Debt Ceiling, Avoid Calamitous US Default
1 year, 7 months ago

Biden, GOP Reach Tentative Deal To Raise Debt Ceiling, Avoid Calamitous US Default

Huff Post  

LOADING ERROR LOADING WASHINGTON — President Joe Biden and House Speaker Kevin McCarthy reached an “agreement in principle” to raise the nation’s legal debt ceiling late Saturday as they raced to strike a deal to limit federal spending and avert a potentially disastrous U.S. default. Biden called the agreement “good news for the American people, because it prevents what could …

Race for U.S. debt deal as talks go to the wire
1 year, 7 months ago

Race for U.S. debt deal as talks go to the wire

The Hindu  

Democrats and Republicans seemed within grasping distance Saturday of a deal to end the U.S. debt ceiling standoff, with both sides playing hardball in the final race for an agreement to avert a potentially catastrophic default. President Joe Biden gave the strongest sign yet on Friday night that the drama in Washington might be drawing to an end — saying …

Biden, McCarthy reach tentative deal to raise US debt ceiling
1 year, 7 months ago

Biden, McCarthy reach tentative deal to raise US debt ceiling

Al Jazeera  

Deal raises debt limit for two years while capping some spending, but uncertainty remains on whether it can pass Congress. US President Joe Biden and House Speaker Kevin McCarthy have reached a tentative deal to raise the federal government’s $3.4 trillion debt ceiling days ahead of a deadline to avert a potentially catastrophic default. The agreement on Saturday would raise …

Biden and McCarthy reach last-minute deal to raise U.S. debt limit
1 year, 7 months ago

Biden and McCarthy reach last-minute deal to raise U.S. debt limit

LA Times  

President Biden and House Speaker Kevin McCarthy reached what both men called an “agreement in principle” on Saturday to raise the federal government’s borrowing limit and cut some spending, as they sought to end a months-long stalemate that brought the government to the brink of defaulting on its credit for the first time. McCarthy said that he and Biden had …

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