The Debt Ceiling limits how much debt the U.S. Treasury can incur. It does not authorize new spending, but gives the Treasury the ability to finance what Congress has already approved.
Congress has increased the ceiling 78 times since 1960, 49 under a Republican presidents and 29 under Democratic presidents.
If the debt ceiling isn’t raised, the government will begin defaulting on its debts starting sometime between early July and early September. There is no magical solution, and the results could be catastrophic.
“Raising the debt ceiling is not a negotiation; it is an obligation of this country and its leaders to avoid economic chaos,” Mr Biden’s press secretary said in a statement released on January 20th.
It’s time for Republicans to Put the Threat of Extorting Americans, Diminishing our International Reputation, and Creating More Chaos to Rest – Once And For All.
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