Congress Raises Debt Ceiling

Obama s eight years in office.

Congress raises debt ceiling. Congress must raise the debt ceiling so the united states doesn t default on its debt. To offset the spending increases the budget will include 75 billion. Congress has raised the debt ceiling 14 times from 2001 2016.

Bush s one term from 2 8 trillion when he took office in 1989 to 4 145 trillion when he left the white house in 1993 an increase of 1 345 trillion or 48 percent. Under the no budget no pay act of 2013 both houses of congress voted to suspend the debt ceiling from february 4 2013 until may 19 2013. Treasury debt was stripped of its triple a rating by standard.

In 2011 republicans in congress demanded deficit reductions to approve an increase in the debt ceiling. It raised it four times in 2008 and 2009 alone. Since it was established congress and the president have increased the debt ceiling roughly 100 times.

In 2011 house republicans refused to raise the debt ceiling without congress addressing national debt forcing president obama to sign the budget control act or risk a sequester. The debt ceiling would be suspended through july 21 2021. Why the debt ceiling matters.

During the 1980s the debt ceiling was increased from less than 1 trillion to nearly 3 trillion. The possible failure of congress to raise the limit jeopardizes the credit standing of federal debt and results in higher interest costs to be paid for essential government borrowings. Over the course of the 1990s it was doubled to nearly 6 trillion and in the 2000s it was again doubled to over 12 trillion.

The debt ceiling was raised on four occasions during president george h w. Debt not covered by ceiling. President donald trump and congressional leaders struck a two year u s.