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The nation’s debt ceiling was reinstated Thursday, giving congressional Republicans yet another divisive challenge to contend with in 2025.
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.
The US last dealt with a debt ceiling crisis in early 2023, when it hit its $31.4 trillion debt limit. After months of contentious negotiations between the GOP-led House and the Democrats who ...
Under the 2023 budget deal Congress suspended the debt ceiling until Jan. 1, 2025. The U.S. Treasury will be able to pay its bills for several months beyond that deadline, but Congress will have ...
The United States debt ceiling is a legislative limit that determines how much debt the Treasury Department may incur. [23] It was introduced in 1917, when Congress voted to give Treasury the right to issue bonds for financing America participating in World War I, [24] rather than issuing them for individual projects, as had been the case in the past.
In 1917, when it was financing World War I with Liberty Bonds, Congress instituted a limit on US borrowing and the debt ceiling evolved from there as US debt has grown and grown and grown.
U.S. federal government debt ceiling from 1990 to January 2012 [33] (unadjusted for GDP and population) The debt-ceiling debate of 1995 led to a showdown on the federal budget and resulted in the U.S. federal government shutdowns of 1995 and 1996. [34] [35] In all, Congress raised the debt ceiling eight times during the Clinton Administration.
The debt ceiling had been suspended until January 2 as part of the bipartisan Fiscal Responsibility Act, which Congress approved in June 2023 after months of contentious debate between the GOP-led ...