About our US Debt Ceiling news
Latest news on the US debt ceiling, currently at almost $31.4tn, a cap on how much the US government is allowed to borrow.
In order for the government to borrow more money, it needs approval from Congress to either suspend or change the current limit. Republicans have recently taken control of the House of Representatives and are advocating for spending reductions, which has caused concern that they may delay taking action. This could lead to the United States intentionally defaulting on its debt for the first time, damaging its reputation and causing negative impacts on financial markets, the dollar, and interest rates for loans such as mortgages and credit cards. The debt limit was originally established in 1917 as a means of providing the government with the ability to raise funds during World War I, but disagreements over the limit have become increasingly contentious as political polarisation increases and US debt continues to rise.
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