Federal default averted until December. President Joe Biden signed legislation on Thursday temporarily increasing the government’s borrowing limit to $28.9 trillion, delaying the deadline for debt default until…
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House Votes to Lift Debt Ceiling
Congress will have to address the situation again in December. On Tuesday, the House of Representatives passed the $480 billion debt limit increase in a vote of 219-206.…
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House Returns to Washington for Debt Limit Vote
If approved, the debt limit will need to be addressed again in December. Members of the House of Representatives returned to Washington, D.C., on Tuesday to cast their…
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Senate to Vote on Temporary Debt-Ceiling Increase
Leaders agree on a compromise to carry through December 3. On Thursday, Senate Majority Leader Chuck Schumer announced an agreement had been reached with Minority Leader Mitch McConnell…
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Schumer Wants Action on Debt Ceiling This Week
Treasury Secretary warns October 18 is the deadline. Senate Majority Leader Chuck Schumer of New York said in a letter to colleagues Monday that legislators must act to…
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Senators Block Vote on Debt Ceiling
Government will be out of money on October 18, Secretary Yellen says. As a potential shutdown approaches, a procedural vote to advance Senate consideration of a continuing resolution…
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U.S. Debt Ceiling Deadline Missed
Treasury Department beginning “extraordinary measures.” Congress limits how much money the government can borrow, and once the debt limit is reached, legislators must raise or suspend the debt…
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Treasury Secretary Appeals to Congress About Debt
Legislators need to increase or suspend the debt limit soon. On Friday, Treasury Secretary Janet Yellen urged lawmakers to act on the nation’s debt limit, either increasing or…
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Treasury Urges Debt Level Increase
Congress urged to move quickly. Treasury Department officials urged Congress to increase the federal borrowing limit this summer. Otherwise, the federal government could run out of cash, much…
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Treasury Reports Increase in U.S. Debt for Fiscal Year
$3 trillion dollar deficit surpasses previous records. In their monthly report last week, the U.S. Department of the Treasury announced the debt left behind as the country sought…
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