Despite last month's patch to increase to the U.S.'s borrowing authority limit, Treasury Secretary Yellen has cautioned that new limit could be reached as soon as Dec. 15.
Tag Archive: Debt Limit
On October 14, President Joe Biden signed legislation temporarily raising the government’s borrowing limit to $28.9 trillion.
Lawmakers are working to find a passable solution to the U.S.’s rapid ascent to the current debt ceiling, which could arrive as early as August.
Late last week, Treasury Secretary Jacob Lew wrote a letter to House Speaker John Boehner urging Congressional action on the debt ceiling, warning that the debt limit will likely be reached on Nov. 5.
Last night, the House voted to extend the debit limit of $17.2 trillion--which expired on Feb. 7--through March 2015 with the Senate eyeing a vote today to finalize the bill prior to the upcoming President's Day recess.
Lawmakers are debating an increase to the debt ceiling, which faces a Feb. 28 deadline, with Democrats calling for a clean bill and Republicans urging the inclusion of possible language on the Keystone XL Pipeline.
Last week, the House passed a short-term spending plan that would fund the government through mid-December and withhold funding from the Patient Protection and Affordable Care Act. The bill now awaits Senate action where the health funding language is likely to be stripped.
Two deadlines are fast approaching for government spending and the debt ceiling, however Republicans and Democrats remain in a logjam despite the need to keep the government operating beyond Sept. 30 and a mid-October deadline for a debt limit deal.
Earlier this week, the U.S. reached its borrowing debt limit, forcing the Treasury Department to employ “extraordinary measures” to enable the government to pay its bills - this latest measure is expected to keep the U.S. coffers operational through Labor Day.
The House is set to vote today (Jan. 23) on a measure that would leave the $16.4 trillion debt limit intact but suspend it from the time the bill passes until mid-May. The bill would withhold Members of Congress pay if they fail to pass a budget by April 15.