R-Calif., in exchange for raising the debt limit until January 2025 is set to move through Congress in the next few days – just in time to prevent the federal government from defaulting on its debt as early as June 5.
The first of those deadlines will arrive on January 1 when the debt limit, which was suspended in June 2023, is reactivated. That will prompt the Treasury Department to use"extraordinary measures"to stave off default for a period of several months while lawmakers in Congress work...
The debt limit is the nation's statutory borrowing limit, and as the president explained, "It sounds like we're raising our debt, but that's not what this is about." Congress decides through separate spending bills how much debt to rack up; the debt limit is simply the amount that the...
What’s behind the looming ‘x-date’ on the US debt limit? 1 of 3 | FILE - Speaker of the House Kevin McCarthy, R-Calif., speaks at the Capitol in Washington, Thursday, April 20, 2023. The Democratic president and Republican congressional leader have each tried to assure the ...
The debt limit caps outstanding federal debt. When we’ve spent more than that amount, $31.4 trillion, Congress has to allow us to spend more to pay back what we’ve already borrowed. "When you’re talking about the debt ceiling, you're not talking about the allocation of money. ...
The Associated Press reported last week that Republican leaders were making plans to pair Harvey aid with an increase in the debt limit. Other senior GOP aides told the AP that no final decision had been made, and Democrats, whose votes would be needed in the Senate, are cool to the appro...
But in an era of polarization and rising debt loads, the limit has been transformed into a political bludgeon. It does not reflect the actual capacity of the federal government to borrow, simply how much it is legally able to do so without congressional signoff. In order to keep the ...
NOW: House committee meets for key vote on debt limit bill From CNN's Clare Foran, Lauren Fox, Haley Talbot and Melanie Zanona The powerful House Rules Committee is now meeting to decide whether to advance the new debt ceiling legislation to a full floor vote. The panel must adopt a ...
President Joe Biden urged Congress to pass the tentative debt limit deal he reached with House Speaker Kevin McCarthy remarks from the White House Sunday evening. “That agreement now goes to the United States House and to the Senate. I strongly urge both, both chambers to pass that agreement...
From CNN's Lauren Fox, Nicky Robertson and Kristin Wilson U.S. Speaker of the House Kevin McCarthy (R-CA) speaks to reporters as he arrives at the U.S. Capitol today in Washington, DC. McCarthy spoke on the ongoing debt limit negotiations. Kevin Dietsch/Getty Images House Speaker ...