Last week, President Biden laid out his proposal for the federal government’s budget: $6.9 trillion.
A bipartisan group of U.S. lawmakers is preparing a plan to defuse a looming crisis over the nation’s debt ceiling by changing it from a fixed dollar amount a percentage of national economic output, the group’s top Republican said on Sunday. The proposal would replace Washington’s current federal debt ceiling – currently set at $31.4
An expected showdown between President Joe Biden’s Democrats and a newly minted Republican majority in the U.S. House of Representatives over the debt ceiling is threatening to push Washington to the brink of a debt crisis. WHAT’S THE DEBT CEILING? Washington regularly sets a limit on federal borrowing. Currently, the ceiling is set at $31.4