What is the debt limit and why is everyone in Washington talking about it?

Congressional leadership is nearing a deal that will raise the U.S. debt ceiling and stop the government from defaulting, the consequences of which could devastate the economy.

Debt Ceiling, Debt Limit

12/8/2021 1:58:00 AM

Congress ional leadership is nearing a deal that will raise the United States’ debt ceiling and stop the government from defaulting, the consequences of which could devastate the economy.

Congress ional leadership is nearing a deal that will raise the U.S. debt ceiling and stop the government from defaulting, the consequences of which could devastate the economy.

Why is the GOP refusing to help lift the debt ceiling this time?Congressional Republicans have said they will not help raise the debt limit because, they argue, it’s up to Democrats to pay for items they’ve passed on party-line votes.Democrats passed the COVID-19 relief plan in March along partisan lines and hope to do the same with President Biden’s Build Back Better social spending bill. However, the programs currently being paid for through borrowing are existing obligations, passed over previous years by both parties. Raising the debt limit now would not help Democrats pass Biden’s domestic agenda.

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Confession: The real reason my 5-year-old still sleeps in a cribIt's why even as I write this, there's a pain in my heart. Somting Wong here?!? You might as well start fixing up your basement because that kid is never leaving that house ( ever ). I personally think you publicly posting about ur 5 year old still 😴 in a crib is more harming than him actually still 😴 in it.This post will remain on social media for any & all to torment him in the future with all the bullying still prevelant. Who does he have to thank 👇

Congress hatches novel plan to lift debt ceiling with only Democratic votesThe approach includes a multi-step process that would resolve the debt limit standoff and pass the annual defense authorization bill ahead of two key deadlines. raising the debt to blow out spending. smart.

Here's what could happen to Social Security, Medicare and other payments if Congress doesn’t fix the debt ceilingIf Congress doesn't act to fix the federal debt limit , there could be big ramifications for the timeliness of government payments people rely on. thanks The Republicans would love to destroy Social Security. Stop stealing from me to pay for those old fucks!

Republicans Poised To Support Filibuster Carveout For Democrats To Raise Debt LimitDemocrats are getting Republicans to help them raise the debt limit without Republicans actually voting for it. I don’t think thats what that means… GOP brands Democrats as reckless spenders. Supports their 2022 campaign messaging. That’s a neat trick. 对于智商低下的人,说真话是侮辱 For people with low IQ, telling the truth is an insult 活在地狱里的人不知道自己活在地狱 情况比所有人看到的、想到的更糟 请关注这个世界最深的黑暗 《动物农庄》里猪是最高统治者 最少千万女人遭了殃,这个世界已经彻底被猪给毁了 猪还在继续造孽 醒醒,人类

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he would not help Democrats raise the debt limit again, a message he also pushed all summer. Why is the GOP refusing to help lift the debt ceiling this time? Congressional Republicans have said they will not help raise the debt limit because, they argue, it’s up to Democrats to pay for items they’ve passed on party-line votes. Democrats passed the COVID-19 relief plan in March along partisan lines and hope to do the same with President Biden’s Build Back Better social spending bill. However, the programs currently being paid for through borrowing are existing obligations, passed over previous years by both parties. Raising the debt limit now would not help Democrats pass Biden’s domestic agenda. Senate Minority Leader Mitch McConnell. (Anna Moneymaker/Getty Images) Additionally, McConnell was consistently attacked by former President Donald Trump for working with Democrats and agreeing to raise the debt ceiling in October. But the debt limit was suspended three times during Trump’s term and was used to finance the 2017 tax cuts. “I’m going to support Democrats raising the debt ceiling without Republican votes,” Sen. John Cornyn, R-Texas, said Tuesday. “To have Democrats raise the debt ceiling and be held accountable for racking up the debt is my goal. And this helps us accomplish it.” Could Congress just get rid of the debt ceiling? Yes, that is a maneuver that has been proposed by Treasury Secretary Janet Yellen. Speaking before the House Financial Services Committee in September, she called the existence of the debt ceiling “destructive.” “I believe when Congress legislates expenditures and puts in place tax policy that determines taxes, those are the crucial decisions Congress is making,” Yellen said . “And if to finance those spending and tax decisions it is necessary to issue additional debt, I believe it is very destructive to put the president and myself, as treasury secretary, in a situation where we might be unable to pay the bills that result from those past decisions.” In 2017, former staffers for President Barack Obama and McConnell co-wrote a Wall Street Journal op-ed calling for the debt ceiling’s repeal , saying it “would let the Treasury focus on the most efficient and effective ways to manage the federal government’s cash flow, giving future presidents, both Democratic and Republican, a freer hand. No matter which party holds the White House, all Americans would benefit from taking the threat of a U.S. default off the table.” Read more