The tentative agreement to raise the government’s current $31.4 trillion borrowing limit was reached over the weekend after several weeks of tense negotiations — but the drama is far fr…
by President Joe Biden and GOP House Speaker Kevin McCarthy to raise the US debt ceiling and prevent a potentially catastrophic default.
The debt ceiling, also known as debt limit, is the law that limits the amount of money the US government can borrow to cover costs — including paying federal employees, as well as Social Security and Medicare. The deal came together after Treasury Secretary Janet Yellen told Congress last week that the US could no longer keep within the limit and could default on its debt obligations by June 5.In addition to raising the debt limit until 2025, the agreement includes a string of spending cuts demanded by Republicans while boosting it for defense and veterans.
Under the agreement, it would fully fund medical care for veterans at the levels included in Biden’s proposed 2024 budget blueprint. The deal came together after Treasury Secretary Janet Yellen told Congress last week that the US could no longer keep within the limit and could default on its debt obligations by June 5.A default could cause financial markets to freeze up and potentially cause an international financial crisis.
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House Republicans, White House reach deal in principle to raise debt limit, sources tell ABC NewsHouse Republicans have reached an agreement to raise the nation's debt limit in principle with the White House, sources tell ABC News.
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