Changes

The '''Federal Debt Limit''', commonly known as the '''debt ceiling''', is the overall limit on federal government borrowing, as authorized by [[Congress]].  It is similar to an individual's credit card limit.

The '''Federal Debt Limit''', commonly known as the '''debt ceiling''', is the overall limit on federal government borrowing, as authorized by [[Congress]].  It is similar to an individual's credit card limit.

On Jan. 19, 2023, the [[U.S. Treasury]] "reached the debt limit of $31.4 trillion,"<ref name="CBS">https://www.cbsnews.com/news/debt-limit-ceiling-impact-on-your-finances-social-security-medicare-401k/</ref> which was set at that level when Congress increased it by $2.5 trillion as signed into law by President [[Joe Biden]] on Dec. 16, 2021. On May 1, 2023, Treasury Secretary [[Janet Yellen]] declared a deadline of June 1, 2023, to increase the debt ceiling or else the federal government would default on its obligations. Then, on May 26, 2023, this [[Biden Administration]] appointee magically extended this [[Chicken Little]] deadline.

As of November 22, 2024, the debt of the [[United States]] exceeded $36 trillion.<ref>https://www.pgpf.org/article/the-national-debt-is-now-more-than-36-trillion-what-does-that-mean/</ref> "The last time the debt ceiling was reached, in January 2023, the figure stood at $31.4 trillion. Under a deal reached in June that same year, Congress suspended the debt ceiling until 1 January, 2025."<ref>https://www.bbc.com/news/articles/cr4r3rped5qo</ref>

== 2023 ==

== 2023 ==

[[House]] [[conservatives]] support [[Speaker]] [[Kevin McCarthy]]'s stance taken in his February 1, 2023, meeting at the [[White House]] with President [[Biden]]: no increase in the debt ceiling unless there is an agreement to reduce federal spending.<ref>https://fortune.com/2023/02/02/mccarthy-biden-meeting-debt-ceiling-hour-default-white-house/</ref>

On Jan. 19, 2023, the [[U.S. Treasury]] "reached the debt limit of $31.4 trillion,"<ref name="CBS">https://www.cbsnews.com/news/debt-limit-ceiling-impact-on-your-finances-social-security-medicare-401k/</ref> which was set at that level when Congress increased it by $2.5 trillion as signed into law by President [[Joe Biden]] on Dec. 16, 2021.

On April 26, 2023, the [[House]] passed a [[Republican]]-led debt ceiling increase bill that would reportedly trim $4.8 trillion from the deficit.<ref name="RC">https://rollcall.com/2023/04/26/house-passes-1-5-trillion-debt-limit-increase-spending-cuts/</ref> The vote was 217–215, with every [[Dem]] voting against this.  As reported by ''RollCall'', key elements of this bill included:<ref name="RC"/>

 

On April 26, 2023, the [[House]] passed a [[Republican]]-led debt ceiling increase bill that would reportedly trim $4.8 trillion from the deficit,<ref name="RC">https://rollcall.com/2023/04/26/house-passes-1-5-trillion-debt-limit-increase-spending-cuts/</ref> but the Senate never passed this. The vote in the House was 217–215, with every [[Dem]] voting against this.  As reported by ''RollCall'', key elements of this bill included:<ref name="RC"/>

*either increasing the debt limit by $1.5 trillion or extending it through March 2024.

*either increasing the debt limit by $1.5 trillion or extending it through March 2024.

*establishment requirements for authorization by [[Congress]] prior to imposing new major regulatory schemes.

*establishment requirements for authorization by [[Congress]] prior to imposing new major regulatory schemes.

== Liberal hysteria and History ==

== Liberal hysteria and History ==