'The need for this significant change is especially unclear given that current
debt limits under Chapter 12 are already indexed to inflation.'
The last time the
debt limit was actually set by statute--January 28, 2012--the limit was $16.394 trillion.
Without an increase in the statutory
debt limit, the U.S.
With a fresh extension of borrowing authority now needed again, the GOP
debt limit plan is likely to employ the same approach and suspend the
debt limit through early next year.
House Republicans say they want concessions in exchange for raising the
debt limit, though they've been unable to agree on exactly what.
113-46) that included a suspension of the
debt limit that ended on February 7, 2014.
Hitting the
debt limit would ham-string the government's ability to finance its operations, like providing for the national defence or funding entitlements such as Medicare or Social Security.
First, as a window into how partisan motives drive members' behavior, I will examine patterns in congressional votes to raise the
debt limit, an unpleasant but inescapable duty that typically arises annually.
debt limit, was 17.075 trillion dollars, Voice of Russia reported.
With only hours to spare until the $16.7 trillion
debt limit was reached, Congress passed and sent a waiting President Barack Obama legislation late Wednesday night to allow more borrowing and reopen government agencies.
Washington, Dhu-AlHijjah 10, 1434, Oct 15, 2013, SPA -- The latest effort by House Republicans to offer compromise to resolve an impasse over the federal budget and
debt limit was rejected Tuesday by the White House before any vote in the opposition-led lower chamber of Congress.