![]() ![]() But Republicans are also forcing Democrats to use a budget process that’s been manipulated out of all recognition to get any of this done. Republicans might buy into that bipartisan infrastructure bill, but they have settled on a party line that Democrats are in the majority and can raise the debt limit on their own. Opposed to debt, just fine with spending. Get the latest on the snarl, which led Biden to clear his schedule, from CNN’s Phil Mattingly and Lauren Fox here. Republicans haven’t offered the support needed to pass the bipartisan bill. ![]() Progressive Democrats in the House are fuming at moderates in the Senate who won’t yet buy into the larger bill. These also include a bipartsan infrastructure bill that’s needed to unlock a much larger Democrats-only spending bill. The debt limit is one of four big spending measures that are all tangled up together on Capitol Hill. ![]() That’s a hard number to choke down, and it’s getting larger every second.Ī true and complicated mess. Outstanding public debt is about $28.7 trillion. (More on that in a second.) Another is that failing to raise the limit would cause the US to default on some of its obligations, triggering a crisis in the financial system. One is that the money’s already been spent – raising the debt limit just lets us keep paying back our creditors. The arguments in favor are generally the same every time. But instead of sticking to it, Congress has gone ahead and raised the limit every time it’s been hit. Why is there a maximum? Because Congress set one more than a century ago to curtail government borrowing. The “debt ceiling” is exactly what it sounds like – the maximum that the federal government is allowed to borrow. ‘No one would be spared’: Debt default would set off dire consequences.US government will run out of money by October 18, Treasury secretary says.America’s biggest bank is prepping for potential US default. ![]()
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