Schumer, McConnell Meet to Discuss Debt Limit

Senate Majority Leader Chuck Schumer (D-NY) and Senate Minority Leader Mitch McConnell (R-KY) met yesterday to discuss plans to address the looming debt limit. The debt ceiling has become a politically volatile issue as Republicans blocked initial efforts to raise the debt limit through 2022 and have insisted that Democrats should own their own spending… Read more »

End-Of-Year Stopgap Spending Bill Seems Likely

Congress has a full plate of must-pass legislation coming up, including legislation to fund the government and address the debt limit. Given Democrats’ focus on passing the sweeping $1.75 trillion Build Back Better Act, lawmakers are bracing for a busier-than-usual December. At the end of September, Congress narrowly avoided a government shutdown by passing a… Read more »

House Clears Short-Term Debt Limit Increase

The House on Tuesday cleared a short-term increase in the nation’s debt limit, ensuring the federal government can continue paying its bills into December and averting a potential default that would likely have had catastrophic fallout on the economy. The $480 billion increase in the country’s borrowing limit passed the Senate last week on a… Read more »

Senate Leaders Accept Short-Term Debt Limit Deal

Senate leaders said earlier today they have reached a short-term deal to raise the nation’s debt ceiling by $480 billion through Dec. 3, which is also when government funding is set to expire. Senate Majority Leader Chuck Schumer (D-NY) announced the agreement on the Senate floor this morning, noting that lawmakers “hope we can get… Read more »

U.S. Could Hit Debt Limit by Mid-October

Treasury Secretary Janet Yellen on Tuesday told Congress that the U.S. will run out of maneuvers to avoid exceeding the debt limit on Oct. 18, creating a new fiscal deadline for lawmakers. “It is uncertain whether we could continue to meet all the nation’s commitments after that date,” Yellen said in a letter to House… Read more »