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The debt ceiling returned on January 2, but Congress has several months to address it before the nation could default on its obligations. (Jemal Countess/Getty Images)
Bill passed after senators rejected 11 proposed amendments
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 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.
The new president and congressional leaders are meeting Tuesday to hash out a strategy for maintaining US creditworthiness and the government's ability to service $36 trillion in debt. Trump is ...
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 ...
The national debt currently exceeds $36 trillion — an increase of about $5 trillion from where it stood at the time of the 2023 debt ceiling battle. When the debt limit is reinstated next week ...
Lawmakers are still discussing a plan to handle raising the debt limit, working toward an agreement to raise the debt ceiling as a part of a reconciliation package next year — the procedural ...