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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 ...
May 29, 2023 · The deal suspends the nation’s $31.4 trillion borrowing limit until Jan. 2025. Suspending the debt limit for a period of time is different than setting it at a new fixed level.
- Debt Limit Extension to 2025
- Spending Levels
- Conservative Policy Measures
- What's in It For Democrats?
The core of the deal is a suspension of the debt ceiling — currently at $31.4 trillion — until Jan. 1, 2025. The Treasury Department could then use "extraordinary measures" to pay the bills, which typically last for months. That effectively resolves the issue through the 2024 election, leaving it to the next president and the new Congress to deal w...
The agreement includes spending caps for the next two years to set up the appropriations process. In fiscal year 2024, it would limit military spending to $886 billion and nonmilitary discretionary spending to $704 billion. In fiscal year 2025, those numbers would rise to about $895 billion and $711 billion. McCarthy said the deal was "historic,"as...
What do House Republicans get? The bill would rescind about $28 billion in unspent Covid relief funds. It would eliminate $1.4 billion in IRS funding and shift about $20 billion of the $80 billion provided to the agency through the Inflation Reduction Act to non-defense funds. It would restart federal student loan payments after a lengthy "pause" t...
The White House is touting it as a budget deal — not a ransom payment for a debt ceiling extension — and emphasizing the modesty of the spending cuts even though it faces a GOP-led House. It also notes that the bill would make "no changes to Medicaid" and leave Social Security and Medicare untouched. The White House says the bill would fully preser...
- Senior National Political Reporter
- 2 min
Jun 3, 2023 · The deal struck between Biden and House Speaker Kevin McCarthy will raise the debt ceiling for two years, freeze domestic spending, impose some new work requirements on food stamps and alter ...
May 27, 2023 · With the government on track to reach its borrowing limit within days, negotiators sealed an agreement to raise the debt ceiling for two years while cutting and capping certain federal programs.
- 1 min
May 29, 2023 · The debt ceiling deal has come with just days to spare before a potential first-ever government default. On Sunday, President Joe Biden and House Speaker Kevin McCarthy reached a final agreement and they are urging Congress to quickly pass it. Biden pronounced the development “good news” in remarks at the White House announcing the agreement. This followed a tentative compromise announced ...
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May 30, 2023 · Congress has passed the debt ceiling package, just days before the Treasury Department would have run out of sufficient funds to pay all of the nation’s obligations on time and in full.
