Tag: Debt Ceiling

What’s Going On With the Debt Ceiling Deal!

What’s Going On With the Debt Ceiling Deal!

As I scrolled on my news feed this past weekend the majority of the news articles were about the up-and-coming debt deal. So, what exactly is this debt deal we are all hearing about? The full legislative text represents an agreement between Speaker Kevin McCarthy and President Joe Biden to suspend the nation’s borrowing limit. House lawmakers are expected to vote on it this week.

Debt ceiling would reinstate student loan payments

Debt ceiling would reinstate student loan payments

The deal finalized to raise the nation’s debt limit on Sunday between Pres. Joe Biden and House Speaker Kevin McCarthy would reinstate student loan payments and the accrual of interest for millions of Americans. The agreement, the text unveiled after weeks of negotiations between the White House and GOP leaders, would end the ongoing pause of monthly payments and interests after August 30.

Biden puts pressure on GOP to compromise on debt ceiling deal

Biden puts pressure on GOP to compromise on debt ceiling deal

Following a three-day G-7 summit in Japan, President Joe Biden met with the press to address the debt ceiling issue and put pressure on Republicans to agree to bipartisan terms to avoid default.   Speaking of the meetings, he’s held with congressional leaders and Speaker McCarthy: “We agreed the only way to go forward was a […]

Biden Claims He is Confident that American Will Not Default When It Comes to the Debt Ceiling

Biden Claims He is Confident that American Will Not Default When It Comes to the Debt Ceiling

On May 17, 2023, President Joe Biden addressed the nation to discuss the ongoing debate over the debt ceiling. Without an increase in the debt ceiling, the government risks defaulting on its debt, which would have disastrous consequences for the economy and global financial markets. However, it seems that President Biden is not worried about that happening.

Biden meet with Congress to discuss debt ceiling

Biden meet with Congress to discuss debt ceiling

President Joe Biden will meet with congressional leaders to reach an agreement on how to address the looming debt ceiling crisis. Republicans want to raise the limit on the country’s borrowing authority in exchange for spending cuts, while Democrats, including Biden, want to increase the debt limit without any conditions attached.

What is the Debt Ceiling?

What is the Debt Ceiling?

One would like to think that the borrowing of money is a perpetual action and that there is no limit to how much money one can borrow. However, that is not the case. Especially when it concerns a whole nation. Congress controls how much money the United States can borrow, and they about reached their limit on January 19. The New York Times defines the debt ceiling as “a cap on the total amount of money that the United States is authorized to borrow to fund the government and meet its financial obligations”. Which stood at $31.4 trillion in January 2023.

The United States Has Hit Its Debt Ceiling, Prompting Economic Concerns

The United States Has Hit Its Debt Ceiling, Prompting Economic Concerns

The United States hit its debt limit this Thursday, prompting the Treasury Department to be using a series of accounting maneuvers to ensure the federal government can keep paying its bills ahead of what’s expected to be a protracted fight over whether to increase the borrowing cap. Treasury Secretary Janet L. Yellen wrote to Congress in a letter. According to Yellen, the government will begin asking lawmakers to raise or suspend the debt limit so that the government can continue meeting its financial obligations. She said that extraordinary measures would be taken to prevent the nation from breaching its statutory debt limit.

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