Republicans also say the debt limit
consequences are big enough that Obama cannot continue to avoid negotiations with them.
In other words, Obama-era spending forced borrowings that brought us to the current debt limit
The amendment would raise the debt limit
by $1 trillion to match $1.
Obama originally intended to exercise his authority to raise the debt limit
Quoting unidentified congressional sources, ABC said the deal would raise the debt limit
through the 2012 election, cut more than $1 trillion in spending over 10 years and set up a new congressional panel to recommend additional deficit reductions totaling more than $1 trillion.
After failing to reach an accord -- and apparently disbanding last week -- the group says it's nearing an agreement on a proposal, which could offer an alternate strategy for pushing an increase in the debt limit
through Congress before the Aug.
Moody's placed US debt on review for a possible downgrade "given the rising possibility that the statutory debt limit
will not be raised on a timely basis".
Americans opposed to raising the federal debt limit
commonly cite a government spending problem; those in favor cite a threat to the economy from not raising it.
US Treasury Secretary Timothy Geithner has warned that Republicans will be at fault for the country's first ever debt default if they refuse to drop demands for sharp budget cuts as a condition of extending the government's debt limit
On July 30, 2008, legislation was enacted to raise the statutory debt limit
from $9,815 billion to $10,615 billion.
The delay was caused by maneuvering the Treasury Department was required to perform to make room for additional debt sales given that Congress has still not approved legislation to increase the current debt limit
While this provides the City with enough for its current four-year program, Anderson said, "It's still an interim measure and we need a long-term resolution of the debt limit