Biden insists on a "clean" increase to the debt limit so that existing financial commitments can be sustained and is refusing to even start talks with Republicans. McCarthy is calling for negotiations that he believes will lead to spending cuts. It's unclear how much he wants to trim ...
R-Calif., Yellen warned the U.S. could be unable to "continue to satisfy all of the government's obligations" by June 1 if Congress does not raise or suspend the debt limit before that time.
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 ...
Treasury Secretary Janet Yellen says her agency will need to start taking “extraordinary measures” to prevent the nation from hitting the debt ceiling as early as January 14th.
Ultimately, failure to raise, suspend or eliminate the debt limit could prevent the Treasury from paying all of its obligations. A default on U.S. default would likely have severe economic consequences.
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The US national debt surpassed$31 trillion for the first time amid higher interest rates at the beginning of this month,as the US Treasury Department's daily treasury statement was released.The US Congress passed legislation in December last year to raise the debt limit to$31.4 trillion.The ...
NEW YORK - US President Joe Biden signed Fiscal Responsibility Act of 2023 into law Saturday afternoon so as to avoid a historic default on government debt. The bipartisan act suspends the public debt limit through Jan 1, 2025, and increases the limit to the actual debt level on Jan 2, 20...
The current federal government's debt limit is about $31.4 trillion, after the US Congress passed legislation in December last year to raise the limit and avert a looming debt default. "In the past 18 months, we've witnessed inflation rise to a 40-year high, interest rates climbing in par...
The House Rules Committee adopted a rule Tuesday to set parameters for debate of the debt limit legislation – a key hurdle that needed to be cleared before a final House vote can take place Wednesday.