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One thing to keep in mind about the Republican debt-ceiling plan unveiled last week is that it's not likely to be signed into law in its current form. ... 800-290-4726 more ways to reach us. Login ...
The debt ceiling, or the debt limit, is the maximum amount the federal government can borrow to finance obligations that lawmakers and presidents have already approved. ... 800-290-4726 more ways ...
800-290-4726 more ways to reach us. Sign in. Mail. 24/7 Help. ... Rep. Andy Biggs, R-Ariz., is one of 49 House Republicans who have never voted for a law to raise the debt ceiling in the past.
According to the text of the debt ceiling law, if the debt ceiling is not raised and extraordinary measures are exhausted, the U.S. government is legally unable to borrow money to pay its financial obligations. At that point, the law indicates that the government must cease making payments unless the treasury has cash on hand to cover them.
For about 48 hours last week, it looked like a debt ceiling fight in 2025 would be averted, as ideas were floated to postpone the issue until 2027 or 2029 (or even forever). But it was not to be.
No tax increases or other forms of increases in revenue above current law were included in the bill. [5] The bill directly specified $917 billion of cuts over 10 years in exchange for the initial debt limit increase of $900 billion. [5] This is the first installment ("tranche") of cuts. $21 billion of this will be applied in the FY2012 budget. [4]
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Several countries have debt limitation laws in place. [1] [2] [3] Only Denmark and the United States have a debt ceiling that is set at an absolute amount rather than a percentage of GDP. [2] [4] The US Congress began using the measure in 1917 and modified the financing law in 1939 to give the treasury more flexibility in issuing debt. [5]