Last week President Biden signed legislation raising the nation’s borrowing limit by $480 billion, to $28.9 trillion, pushing the debt limit deadline off until approximately Dec. 3. While the debt ceiling is generally raised after partisan fanfare from both sides, it is never guaranteed to be raised, and fights over this matter have previously called the full faith and […]
Biden’s spending plan may obscure full price tag, analysis suggests Rep. Byron Donalds, R-Fla., argues the Democrat’s massive spending bill will hurt small businesses and working families in the country. President Biden unveiled a revised framework last week for a modified social spending plan that imagines spending close to $1.75 trillion over the next decade, but a new […]
Democrats are debating whether doing nothing will cost more than doing something to deal with climate change, education, child care, prescription drugs and more. The argument among lawmakers over what “affordable” really means will ultimately shape the final collection of spending programs, tax cuts and revenue raisers in a package that is likely to cost […]
Republicans raised the debt ceiling with the Trump administration but say Democrats now own the issue. The White House is in a bind over the potential breach of the federal debt ceiling as GOP lawmakers refuse to help Democrats avert a national financial catastrophe, leaving the administration with few easy answers as time runs out. Senate Minority […]
The easiest way to spark a financial crisis and wreck the US economy would be to allow the federal government to default on its debt. It would be an epic, unforced error — and millions of Americans would pay the price. And yet that unlikely situation is once again being contemplated. If Congress doesn’t raise the […]
If we don’t stop our runaway national debt, it will require much higher taxes and dramatic cuts in spending. Last September, the Congressional Budget Office (CBO) predicted the federal debt wouldn’t hit $29 trillion until 2028. Just short of a year later, the national debt stands at $28.6 trillion and is set to surpass $29 trillion within […]
‘If you don’t come along, you’re really f—ing me,’ Biden reportedly said during the call Democrat Manchin has ‘serious concerns’ about $3.5T spending plan Fox News congressional correspondent Chad Pergram has the details on ‘Fox Business Tonight’ President Biden issued a stark warning to Sen. Joe Manchin, D-W.Va., during a phone call ahead of a critical […]
Republicans are digging in on their promise to vote against increasing the debt ceiling, lining up in defiance even as Democrats look for ways to pick off votes by attaching the measure to a must-pass spending bill. When lawmakers return to Washington next week, they’ll be met with a pile of deadlines: 10 days to fund the government […]
Biden administration officials are briefing senior Democratic Senate aides about why Congress needs to raise or suspend the federal debt limit. Why it matters: By coordinating its message with Congress, the White House is trying to ensure Democrats stay unified on a simple argument: that 97% of the $28.7 trillion national debt was incurred before President Biden assumed […]
Question: What is the federal debt ceiling and why is it so important? Answer: Under the U.S. Constitution, the Congress has the power of the purse, meaning that the legislature appropriates or spends money and also collects money through taxation. Ideally, the government’s spending would equal or perhaps be less than, the amount of money collected each […]
