The use of the debt ceiling
as a political hostage has led us closer to default than ever before.
Under President Trump's deal with the Democrats, the federal government will not have any spending cap until December 8, when a new debt ceiling
will be put into effect.
We have two issues, the debt ceiling
, we have two weeks left on that.
If the Shura Council also votes against the decision to raise the debt ceiling
, it will be retrospectively vetoed and considered void.
In 2011 and 2013 the Republican majority in the US House of Representatives held up an increase in the debt ceiling
in an attempt to negotiate federal spending cuts.
Texas Senator Ted Cruz piled on, declaring on Bloomberg that the debt ceiling
should not be increased "without significant structural reforms that address the out of control spending and out of control debt in Washington.
Is it responsible governance to suspend a debt ceiling
without a dollar amount?
I urge US policy makers to quickly come to a resolution before they reach the debt ceiling
As I write this editorial, 26 months after the first, the country once again finds itself in the throes of yet another debt ceiling
debate; this time, during a partial government shutdown.
The way it works right now, the debt ceiling
is like a ticking time bomb that threatens massive economic destruction," added Schumer.
More broadly, investors looked to the US, where lawmakers ended a standoff at the 11th hour, agreeing to reopen the government after a 16-day shutdown, and to raise the debt ceiling
in an effort to avoid a technical default.
Republicans in the House of Representatives abandoned a vote to temporarily increase the debt ceiling
and Fitch warned that it could strip the US of its triple-A rating even if a deal is cobbled together in time.