But they made no real attempt to increase the debt limit and avert a crisis until after the 2024 presidential election. To keep the right onside, McCarthy will probably deny a vote on any debt ceiling increase that excludes major spending cuts, and such cuts would be unacceptable to Democrats.ĭemocrats had overall control of the presidency, House and Senate until January 3 when the new House started. But right-wing Republicans won concessions from McCarthy, and the speaker decides what comes to the floor for a vote. Republicans only hold a 222-213 House majority, and it took 15 rounds of voting for Republican Kevin McCarthy to be elected House speaker in early January.
Republicans have attempted to use the debt limit to demand spending cuts.Ī brief history of debt ceiling crises and the political chaos they've unleashed This situation is the same now, with Democrat Joe Biden as president and Republicans controlling the House. The main reason for the 20 crises was divided government – Democrat Barack Obama was president and Republicans controlled the House of Representatives. While the US has never defaulted, there were debt limit crises in 20. The Treasury has been taking extraordinary measures to delay a default, but these measures could fail as early as June 1. The US hit the debt limit on January 19 this year. The last time the debt limit was increased was December 2021. Congress could deal with this permanently by either repealing the debt limit, or increasing it to a very large number.īut instead, Congress has only increased the debt limit enough to give grace for a year or two before it needs to be increased again. As the US keeps running budget deficits, the debt keeps increasing. The United States debt limit is a legislative limit on the overall debt the US government can incur.
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