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On February 4, 2013, President Obama signed into law the "No Budget, No Pay Act of 2013", which suspended the U.S. debt ceiling through May 18, 2013. The bill was passed in the Senate one week previously by a vote of 64–34, with all "no" votes from Republican senators, [ 13 ] who were critical of the lack of spending cuts that accompanied an ...
For the second time in three years, the U.S. government is again running perilously close to reaching the debt ceiling -- but Wall Street is indicating that its level of concern this time around ...
The debt ceiling is an aggregate figure that applies to gross debt, which includes debt in the hands of the public and intra-government accounts. As of October 2013, about 0.5 percent of the debt is not covered by the ceiling. [9] There is debate about whether the debt ceiling is constitutional.
Analysts were concerned that the political gridlock would extend into mid-October, when Congress and the President must agree to raise the debt ceiling to avoid the prospect of defaulting on the public debt. Following the debate over the debt ceiling in May 2013, the Treasury Department was forced to engage in extraordinary measures to fund the ...
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In 2011, lawmakers merely threatened a government shutdown as the United States' debt surged toward the debt ceiling. Standard & Poor's, owned by McGraw-Hill Financial , then went on the offensive
The goal outlined in the Budget Control Act of 2011 was to cut at least $1.5 trillion over the coming 10 years (avoiding much larger "sequestration" across-the-board cuts which would be equal to the debt ceiling increase of $1.2 trillion incurred by Congress through a failure to produce a deficit reduction bill), therefore bypassing ...