![]() ![]() have a debt limit, anyway?” below.)Īside from Denmark, the United States is the only country with a law setting a specific monetary limit on its national debt. (For more on the statutory debt limit, read “Why does the U.S. With that in mind, here’s a primer on the national debt of the United States. So far, neither the administration nor the House is budging from the positions they’ve staked out, so the standoff continues. The debt, therefore, can be seen as the accumulated sum of previous years’ deficits that is still outstanding.)įederal borrowing has essentially already hit the current debt limit of $31.38 trillion, though Treasury Secretary Janet Yellen has said she can use a variety of accounting maneuvers to postpone a government default for a few months. (When the government spends more than it takes in, it borrows to make up the difference. 44%) to view cutting the deficit as a leading priority. Concern has risen among members of both parties, although Republicans and Republican-leaning independents are still far more likely than Democrats and Democratic leaners (71% vs. In a new Pew Research Center survey about the public’s policy priorities, 57% of Americans cited reducing the budget deficit as a top priority for the president and Congress to address this year, up from 45% a year ago. ![]() Public concern about federal spending is on the rise. But the president has insisted that raising the limit – which allows the government to continue paying its obligations under the law on time – shouldn’t be a budgetary bargaining chip. House Republicans say they want Biden to accept significant (but unspecified) spending cuts in exchange for raising the limit. President Joe Biden and the Republican-controlled House of Representatives appear to be on a collision course over raising the statutory limit on the national debt. Rick Scott, R-Fla., listens during a news conference called by Republicans to discuss ongoing debt ceiling negotiations at the U.S. ![]()
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