As America's government hits the debt ceiling, US politics has become a multi-trillion dollar game of chicken. If neither side backs down, America could default on its debts for the first time in history, sparking global economic turmoil. What is the debt ceiling, and how can this crisis ...
The debt ceiling is the maximum amount of money that the United States can borrow cumulatively by issuing bonds. The debt ceiling was created under the Second Liberty Bond Act of 1917 and is also known as the "debt limit" or "statutory debt limit." If U.S. government national debt levels...
What is the Debt Ceiling and Why Does the Government Keep Raising It?
Biden hosted House Speaker Kevin McCarthy, R-Calif., and other congressional leaders at the White House Tuesday to discuss the nation's spending and debt, but the meeting concluded with no consensus reached. "I made clear during our meeting that default is not an option," Biden said after...
A debate over the debt ceiling is at the center of a dispute over funding that is pushing the possibility of a federal government shutdown to the brink in Washington.
Now, many say raising the debt ceiling is just a license to spend more money and grow the debt. But it's not really. Raising the debt ceiling just lets Treasury pay the bills America already owes. It's about prior debts incurred. And obviously we have to pay our debts just as every...
Raising the debt ceiling, Yellen testified, is "necessary to avert a catastrophic event for our economy." Here's a primer on the debt ceiling and examples of the possible consequences if the United States is unable to pay its debts.
"Increasing the debt ceiling is not great but we'd rather do it on Biden's watch," Trump and Vance said in their statement. "If Democrats won't cooperate on the debt ceiling now, what makes anyone think they would do it in June during our administration? Let's have this debate now....
When the debt ceiling is raised, the nation should, theoretically, reflect on its spending habits in order to see how it can prevent a quickening increase of its debt load. As you can see on our debt ceiling history page, the nation's debt ceiling has been raised over 90 times since ...
The nonpartisan Committee for a Responsible Federal Budget commented prior to the legislation's passage that it would be the "first major deficit-reducing budget agreement in almost a dozen years and would signal Washington is serious about making progress in addressing our mounting national debt." ...