The US debt limit is not a particularly interesting topic, but it is a limit that the government can spend before default, like consumer credit cards. And it is just a number for many people, but it may be effective for the next few months based on negotiations between the Democratic and Republican members.
In June 2023, former President Joe Biden stopped his debt under the Financial Liability Law and temporarily avoided the economic crisis. Later, on January 2 of this year, the ceiling revived at the current level of $ 36.1 trillion, and the United States continued to spend a lot of money using something called “extraordinary measures.”
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This week, Mike Johnson, Chairman of the House, said he would not negotiate with the Democratic Party to raise his debt limit that President Donald Trump wants to completely remove it.
The debt limit is never exceeded in the US history. But if it happens, it means that the government has enough money to pay for many other programs that the government depends every day by millions of Americans. It means you don’t have it.
“The Parliament and Trump administration are very strongly aware that in the next few months, we need to raise the limit of debt in order to avoid economic catastrophe,” Hatchins has finished financial and monetary policy. I am at the center. “And what they are doing now is to negotiate about being part of the package.”
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These continuous negotiations over debt maximum determine how everyday Americans will be affected. And the Republican members managed both rooms in both councils, but there are a few people who may not vote to raise their debt restrictions.
In other words, President Trump will need to win the support of at least a few Democrats in Congress. However, it is interesting to see what the Democratic Party is looking for, as the Republican members in the past have negotiated the reduction of expenditures by using the debt limit issues as negotiations.
There is no imminent decision on the expected issues, but it can be expected that negotiations will recover in the next few months.
