What is the debt ceiling, which President-elect Donald Trump says must be addressed in any deal to avoid a government shutdown.
The cap on U.S. government borrowing wasn’t expected to be an issue until well into 2025, so lawmakers were caught by surprise when President-elect Donald Trump said any agreement to avoid a shutdown should address the debt ceiling.Trump was sticking to that position after a proposal that included a debt ceiling suspension failed on the House floor Thursday night.Federal law going back more than a century restricts how much the U.S.
Such potentially dire consequences make the debt limit a powerful bargaining chip used by members of both parties to get their top priorities in exchange for voting to avoid the situation.Now, that date is a week and a half away. Once the limit is reinstated, the Treasury can deploy extraordinary measures to extend the deadline, likely by months.It depends. Conservatives have traditionally resisted raising the debt ceiling and insisted any such move be paired with spending cuts.
After Trump raised the issue this week, Republican leaders scrapped one proposal they negotiated with Democrats to keep the government open and drew up a more narrow version that added a two-year suspension of the debt ceiling.Only two Democrats voted for the proposal with the debt ceiling suspension and 38 Republicans voted against it. U.S. Rep. Chip Roy, R-Austin, was one of the opponents who said raising the debt ceiling without spending reforms was a bad move.
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