Congress controls how much money the United States can borrow. Here’s a look at why that is and what it means.
Category: Federal Budget (US)
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Is the Debt Limit Constitutional? Biden Aides Are Debating It.
As the government heads toward a possible default on its debt as soon as next month, officials are entertaining a legal theory that previous administrations ruled out.
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U.S. Could Run Out of Cash by June 1, Yellen Warns
Janet L. Yellen, the Treasury secretary, called on Congress to raise or suspend the debt limit so the United States could continue paying its bills.
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Biden Faces His First Big Choice on Debt Limit
After Republicans passed a bill that pairs spending cuts and fossil fuel support with raising the nation’s borrowing cap, the president must decide when and how to negotiate
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The Debt Ceiling Debate Is About More Than Debt
Republicans’ opening bid to avert economic catastrophe by raising the nation’s borrowing limit focuses more on energy policy than reducing debt.
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House G.O.P. Eyes Rescinding Unspent Covid Money as Part of Its Fiscal Plan
Estimates put the amount of leftover money between $50 billion and $70 billion. But even if Republicans could claw it back, it would not make much of a dent in the deficit.
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House G.O.P. Unveils Debt Limit Bill Lifting Borrowing Cap for One Year
The proposal would impose work requirements on food stamp and Medicaid recipients and repeal funding to beef up tax enforcement.
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As Possible Debt Limit Crisis Nears, Wall Street Shrugs
Few investors have focused on the possibility that Congress will not raise the nation’s borrowing limit in time to avoid an economically catastrophic default.
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As Possible Debt Limit Crisis Nears, Wall Street Shrugs
Few investors have focused on the possibility that Congress will not raise the nation’s borrowing limit in time to avoid an economically catastrophic default.
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Republicans Say Spending Is Fueling Inflation. The Fed Chair Disagrees.
Jerome H. Powell has said that snarled supply chains, an oil shock following Russia’s invasion of Ukraine and shifts among American consumers are primarily behind rapid price growth.
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Double-Barreled Economic Threat Puts Congress on Edge
Republicans and Democrats disagree over how recent bank closures should impact the debt limit stalemate, and have taken divergent lessons from past economic crises.
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Biden Warns That Climate Change Could Upend Federal Spending Programs
A chapter in the new Economic Report of the President focuses on the growing risks to people and businesses from rising temperatures, and the government’s role in adapting to them.