Debt Limit

US debt ceiling crisis nears: How this could create turmoil in the financial world

The debt ceiling, also known as the debt limit, is the amount the United States can legally borrow to fulfill its financial obligations. A failure to raise the limit would see the US default – a nigh-unthinkable event that would csend financial markets into a tailspin

US House won't raise debt limit without spending cuts, says Republican leader Kevin McCarthy

McCarthy, a close ally of former president Donald Trump, said President Joe Biden's policies added trillions of dollars of debt to the US fiscal portfolio, which he argued had also caused the inflation crisis

US House Speaker Kevin McCarthy to discuss debt limit, spending with President Joe Biden

McCarthy said he wants to address spending cuts along with raising the debt limit, even though the White House has ruled out linking those two issues together as the government tries to avoid a potentially devastating financial default

Lots of sound and fury on US debt limit, but not at a crisis point yet

House Speaker Kevin McCarthy insists that the debt, so huge it defies most people's grasp, is already breaking the economy. President Joe Biden counters that the government spending cuts sought by Republicans in return for a debt limit increase would break the middle class

The US has reached its debt limit: What does this mean and what comes next?

The debt limit is a legally established maximum on how much the United States can borrow to pay its bills, exceeding which would result in an unprecedented government default

US Senate votes to temporarily extend debt ceiling to avoid default as Democrats Republicans agree to a stop-gap fix

The breakthrough — which temporarily defers the crisis by adding another $480 billion to the allowable debt total — came with an estimated 11 days to go until the country would no longer have been able to borrow money or pay off loans for the first time in its history

Janet Yellen says urgent action needed on debt limit, rejects idea of minting $1 trillion coin

The US treasury secretary said it would be “catastrophic” if the government did not have the resources to pay its bills

'Reckless and dangerous': Biden calls out Republicans in US debt limit dispute

In his White House speech, the US president warned that the obstruction to his multi-trillion-dollar domestic spending agenda could push "our economy over a cliff".

Donald Trump overrules Republicans, cuts deal with Democrats to raise debt ceiling

President Donald Trump briskly overruled congressional Republicans to cut a deal with Democrats to keep the government operating and raise America's debt limit.