A U.S. government default would be unprecedented. President-elect Donald Trump on Wednesday shone a spotlight on the debt ceiling, rejecting a bipartisan government funding deal negotiated by ...

President-elect Donald Trump confounded members of Congress and flipped the government spending debate on its head when he demanded a premature increase to the debt ceiling on “Biden’s watch ...

The ceiling is routinely raised to accommodate repayment of the country’s debt. The last time it was raised was in 2021. The debt ceiling was suspended in June 2023 and reinstated in January 2025.

What happens when we hit the debt limit? Hitting the debt limit isn't catastrophic. According to U.S. Treasury Secretary Janet Yellen, the U.S. had already reached that ceiling as of Jan. 18. 2023.

Long an anachronism of American politics, the debt ceiling is back front and center on Capitol Hill as lawmakers grapple with trying to pass a budget. President-elect Donald Trump threw a monkey ...

The Treasury secretary urged Congress to extend the debt ceiling by mid-July, before its annual August recess, raising the stakes for the GOP's massive bill for Trump's agenda.