So, the debt limit
will officially be infinity until February 7.
A short-term debt limit
increase wasn't discussed in detail because Lew and Fed Chairman Ben S.
According to one Senate Democratic aide, the debt limit
hike might be coupled with a new initiative to reform the U.
Some Democratic representatives are worried about a damaging fight over the debt limit
and believe that Republicans might be reckless enough to risk default.
But Congress failed to pass any budget, and indeed couldn't manage to pass the normal appropriations bills; instead, it authorized federal outlays through a series of continuing resolutions (the last, with minor cuts in outlays, passed by the new split-between-the-parties Congress in April)--which still added up to far more deficit spending than the legal debt limit
The House has a plan that accomplishes two critical goals: It locks in hundreds of billions of dollars in savings while raising the debt limit
to prevent the unacceptable default on our nation's obligations.
House Republican leaders say they want concessions in exchange for raising the debt limit
, though they've been unable to agree on exactly what.
In the meantime, policymakers should take into account the evidence that delaying action on the debt limit
can adversely affect markets and our economy," Bell said.
borrowing capacity, so a replay of last summer's debt limit
drama that brought the federal government to the brink of default and cost the United States its top-tier credit rating is not expected.
Summary: US budget negotiators have reached a tentative agreement on a framework package to raise the debt limit
and cut the federal deficit, ABC News has reported.
Tom Coburn, who returned after winning concessions on more cuts to costly federal health care programs -- came up with a plan President Barack Obama called "broadly consistent" with the White House's approach to raising the debt limit
US politicians must agree to raise the country's debt limit
to avoid default by August 2 and members of the opposing Democrat and Republican parties are in dispute over how this will be achieved.