'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.
17 signed a bill to re-open the federal government and lift the US debt limit
, after an 11th-hour deal reached on Oct.
, 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.