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Prior to the 2011 debt ceiling crisis, the debt ceiling was last raised on February 12, 2010 to $14.294 trillion. [ 41 ] [ 42 ] On April 15, 2011, Congress passed the last part of the 2011 United States federal budget in the beginning 2012, authorizing federal government spending for the remainder of the 2011 fiscal year, which ended on ...
The immediate crisis of 2011 ended when a complex deal imposing limits on both debt and government spending was reached on July 31. After the legislation was passed by both the House and Senate, President Barack Obama signed the Budget Control Act of 2011 into law on August 2, the day of the deadline.
The 2011 S&P downgrade was the first time the US federal government was given a rating below AAA. S&P had announced a negative outlook on the AAA rating in April 2011. The downgrade to AA+ occurred four days after the 112th United States Congress voted to raise the debt ceiling of the federal government by means of the Budget Control Act of 2011 on August 2, 2011.
The debate sounds eerily similar: Newly elected House Republicans, eager to confront the Democratic president, refused to raise the debt limit without cuts to federal spending.
In fact, we've been in this debt-ceiling-raising situation 78 -- yes, seventy-eight -- times since 1960. Once again, disaster appears to have been averted, and both political parties.
The President and Congressional leaders have agreed on a package to raise the debt ceiling and reduce deficits by $2.5 trillion over the next decade. Congress still has to pass the Crisis Averted?
The writers have argued that the executive branch can choose to prioritize interest payments on bonds, which would avoid an immediate, direct default on sovereign debt. During the debt ceiling crisis of 2011, Treasury Secretary Timothy Geitner argued that prioritization of interest payments would not help since government expenditures would ...
Here's the headline of the year: Apple (NAS: AAPL) now has more cash than the U.S. Treasury. As of Wednesday, the U.S. government had an operating balance of $73.7 billion. Apple has $76 billion ...