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1. www.cfr.org › backgrounder › what-happens-when-usWhat Happens When the U.S. Hits Its Debt Ceiling?

   www.cfr.org › backgrounder › what-happens-when-us

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   Jun 27, 2023 · The Treasury Department reached its debt ceiling of $31.4 trillion in January 2023, and after months of debate, lawmakers voted in June of that year to suspend the ceiling until January 2025. The ...

   • U.S. National Debt Dilemma

     The debt ceiling is the congressionally mandated limit on...

2. www.npr.org › 2021/09/24 › 1031701538Here's what the debt ceiling is and why Congress is arguing ...

   www.npr.org › 2021/09/24 › 1031701538

   Sep 24, 2021 · Congress is seeking (its own) permission to borrow another trillion or two. House Democrats on Tuesday passed a bill that would suspend the U.S. debt ceiling through December 2022 and temporarily ...

   • Author: Ron Elving

3. Videos

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     nytimes.com

     Debt Ceiling: House Approves a Measure to Suspend the Federal Debt Limit

     May 31, 2023

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     1:50

     reuters.com

     US Congress averts historic default, approves debt-limit suspension

     Jun 1, 2023

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     17:10

     pbs.org

     Biden signs bipartisan bill that suspends debt limit until 2025, cuts spending

     Jun 3, 2023

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4. www.bbc.com › news › world-us-canada-65744615What's in US debt ceiling deal and who won? - BBC

   www.bbc.com › news › world-us-canada-65744615

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   Debt ceiling suspended until 2025. Every so often, US Congress must vote to raise or suspend the ceiling, so it can borrow more to pay its bills. Currently it is $31.4tn (£25tn). This includes ...

5. www.nytimes.com › debt-ceiling-agreementHere’s What’s in the Debt Ceiling Deal - The New York Times

   www.nytimes.com › debt-ceiling-agreement

   May 29, 2023 · SKIP ADVERTISEMENT. New Details in Debt Limit Deal: Where $136 Billion in Cuts Will Come From. Two years of spending caps, additional work requirements for food stamps and cuts to I.R.S. funding ...

6. www.nytimes.com › live › 2023/05/31Debt Ceiling House Approves a Measure to Suspend the Federal ...

   www.nytimes.com › live › 2023/05/31

   Jun 1, 2023 · In a 314-117 vote, lawmakers agreed to suspend the federal debt ceiling for two years, days before the U.S. was projected to exhaust its borrowing power. ... Two years ago, Congress voted to raise ...

7. www.factcheck.org › 2023 › 05Debt Limit Agreement Breakdown - FactCheck.org

   www.factcheck.org › 2023 › 05

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   May 31, 2023 · The debt limit agreement raises that age limit to 52 in fiscal 2024 and to 54 the following year, and it reduces the number of exemptions states can issue for these work requirements. But other ...

8. People also ask

   Can Congress suspend the debt ceiling?

   • Congress can also choose to suspend the debt ceiling, or temporarily allow the treasury to supersede the debt limit, rather than raise it by a specific amount. While this move was rare during the first ninety years of the ceiling’s existence, Congress has suspended the debt limit eight times since 2013, most recently in June 2023.

   What Happens When the U.S. Hits Its Debt Ceiling?

   www.cfr.org/backgrounder/what-happens-when-us-hits-its-debt-ceiling

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   Does Congress have a debt ceiling?

   • Congress has authorized trillions of dollars in spending over the last decade, causing the United States’ debt to nearly triple since 2009. Over that period, the Treasury Department’s ability to borrow money to make payments on that debt has repeatedly run into a congressionally mandated limit on borrowing known as the debt ceiling.

   What Happens When the U.S. Hits Its Debt Ceiling?

   www.cfr.org/backgrounder/what-happens-when-us-hits-its-debt-ceiling

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   What's in US debt ceiling deal?

   • What's in US debt ceiling deal and who won? Congress has approved a deal to raise the government's borrowing limit and prevent a potentially catastrophic default on US debt repayments. The agreement passed the Senate on Thursday, a day after it passed the House of Representatives.

   What's in US debt ceiling deal and who won? - BBC

   www.bbc.com/news/world-us-canada-65744615

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   What to know about the house's debt ceiling bill?

   • Kenny Holston/The New York Times What to know about the House’s passage of the debt ceiling bill. House lawmakers overwhelmingly agreed on Wednesday to suspend the nation’s debt ceiling for two years, heading off an economically devastating default.

   House Approves a Measure to Suspend the Federal Debt Limit - The New

   www.nytimes.com/live/2023/05/31/us/debt-ceiling-biden-mccarthy/the-debt-limit-is-being-suspended-not-increased-whats-the-difference

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   Why did Congress rewrite the debt ceiling?

   • Two decades later, in 1939, with World War II raging elsewhere and threatening to involve the U.S., Congress agreed to revise the debt ceiling mechanism to give the Treasury a bit more leeway. And we have been operating with versions and permutations of that revision ever since. The latest, in 2017, set a limit of $22 trillion.

   Here's what the debt ceiling is and why Congress is arguing about it - N…

   www.npr.org/2021/09/24/1031701538/congress-debt-ceiling-explainer

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   How does the debt ceiling work?

   • As the national debt has soared, the U.S. Treasury Department has had to borrow more money to pay for government spending. The legislative curb on this borrowing is known as the debt ceiling. When the Treasury Department spends the maximum amount authorized under the ceiling, Congress can vote to suspend or raise the limit on borrowing.

   What Happens When the U.S. Hits Its Debt Ceiling?

   www.cfr.org/backgrounder/what-happens-when-us-hits-its-debt-ceiling

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9. www.cnn.com › politics › live-newsSenate passes debt ceiling deal | CNN Politics

   www.cnn.com › politics › live-news

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   Jun 3, 2023 · In a vote on Thursday evening, the Senate approved a measure to suspend the nation’s debt limit through January 1, 2025. President Joe Biden is expected to swiftly sign the bill into law to ...