A bipartisan proposal to shore up the financial future of key federal trust funds that help fund Social Security, Medicare, and highway programs may play a prominent role in the debate over raising America's debt limit in the months ahead.

Source: https://biztoc.com/x/e62ab827719e307b?ref=ff

After driving much of the legislative agenda the previous two years, the Senate left negotiating on the debt limit to Mr. Biden and Mr. McCarthy, whose demand for spending cuts and other policy changes brought the country to the brink of default.

Source: https://www.nytimes.com/2023/06/01/us/politics/debt-limit-senate.html

And I know that this will go over the head of every "self-made" (cough cough) entreprenuer or day-trader out there but the debt limit is about PAST spending that we already owe.

Source: https://japantoday.com/category/world/biden-to-meet-with-democratic-leaders-as-debt-showdown-looms

As House majority leader, he frequently undercut House Speaker John Boehner during his negotiations Mr Obama, when the new breed of hard-right conservatives demanded aggressive spending cuts in exchange for raising the debt limit.

Source: https://www.the-independent.com/news/world/americas/us-politics/kevin-mccarthy-congress-resigns-district-b2460909.html

Biden and congressional Democrats want the debt limit raised without conditions, arguing that the two issues should not be linked.

Source: https://fortune.com/2023/05/17/how-bad-would-national-debt-default-be-recession-ceiling-social-security/

Bret, the debt limit is … something responsible people take care of without creating a political crisis with demands they’ll never achieve.

Source: https://www.nytimes.com/2023/04/24/opinion/biden-trump-desantis-abortion.html

But the Treasury’s makeshift solution will only survive until the summer, when the nation could default on debt payments unless Congress moves to increase the debt limit.

Source: https://www.deseret.com/2023/2/21/23604310/main-street-caucus-house-gop-spending-cuts-paired-with-debt-ceiling

Congress and the White House have until late summer to raise the debt limit, or else the US government will default on its bills, a historic first, with likely catastrophic consequences.

Source: https://www.theguardian.com/business/2023/apr/30/what-is-the-us-debt-ceiling-and-what-will-happen-if-it-is-not-raised

Congress approved the Fiscal Responsibility Act in June, which raised the debt limit and allowed for increased spending in other policy areas.

Source: https://truthout.org/articles/lawsuit-against-mountain-valley-pipeline-activists-sets-an-alarming-precedent/

Congress is in charge of setting the debt limit, which currently stands at $31.4tn.

Source: https://www.theguardian.com/business/2023/apr/30/what-is-the-us-debt-ceiling-and-what-will-happen-if-it-is-not-raised

Congress must raise the debt limit without conditions or risk economic catastrophe."

Source: https://www.salon.com/2023/04/17/pro-starvation-agenda-kevin-mccarthy-called-out-as-plots-aid-cuts_partner/

Congress set a debt limit.

Source: https://flaglerlive.com/debt-default-explained/

Dragging into a third week, the over raising the nation's debt limit were never supposed to arrive at this point.

Source: https://rapidcityjournal.com/news/debt-ceiling-talks-stuck-on-classic-problem-republicans-demand-spending-cuts-and-democrats-resist/article_85d64b57-f782-54f8-af6f-0c9be831ba51.html

Editor's note: President Biden plans to address the nation today following the bipartisan approval of legislation that raises the debt limit.

Source: https://news.wgcu.org/government-politics/2023-06-02/deal-approved-biden-will-address-nation-on-budget-debt-agreement-from-oval-office-friday-evening

First, it's important to understand that the debt limit is fundamentally retroactive — that is, it is the amount of money the government can borrow in order to pay back its loans, not take out new ones.

Source: https://theweek.com/government/1020162/what-happens-if-the-us-breaks-through-its-debt-ceiling

House GOP narrowly passes bill to raise debt limit and.

Source: https://www.1310kfka.com/news/04/driver-who-fled-police-arrestd-at-centennial-elementary-in-evans/

House Speaker Kevin McCarthy of Calif., carries food for members of the press covering debt limit negotiations, Saturday, May 27, 2023, on Capitol Hill in Washington.

Source: https://gazette.com/ap/biden-gop-reach-tentative-deal-to-raise-debt-ceiling-avoid-calamitous-us-default/article_c514725f-8627-521c-b95b-b3ec94a8b66c.html

If even one house of Congress refuses to raise the debt limit, the U.S. government will go into default, with possibly catastrophic financial and economic effects.

Source: https://www.lewrockwell.com/2023/05/no_author/a-minus-and-plus-for-the-debt-ceiling-crisis/

If things look dire at any point, the House could resort to a rarely employed emergency maneuver: A "discharge petition" to bring a "clean" debt limit increase - with no budget provisions attached - to a vote.

Source: https://gazette.com/news/us-world/explainer-us-debt-ceiling-deals-winding-road-to-passage-in-congress/article_303b1bfe-785e-5a09-bcf5-59d0e0199be8.html

In 2011, for example, just going near the debt limit brink cost the government a credit-rating cut (by Standard & Poor’s) that has lasted ever since.

Source: https://www.csmonitor.com/Business/2023/0524/How-much-would-debt-default-damage-US-History-offers-clues?icid=rss