The debt limit is a relic of World War I, allowing Congress to authorize borrowing only up to a certain limit, which they've periodically raised or suspended.
The president-elect's demand to suspend the debt limit for two years added complexity to negotiations, complicating the spending bill and raising government shutdown concerns.
Congress has historically used debt ceiling increases for political grandstanding, positioning themselves on fiscal responsibility while also extracting concessions from one another.
Despite approaching the debt ceiling deadline, the Treasury can employ 'extraordinary measures' to extend borrowing capabilities, delaying immediate action on the debt limit.
Collection
[
|
...
]