Debt Ceiling
The House passed a Budget deal on October 28, 2015 that, among other things, will extends the government’s borrowing authority through mid-March 2017. In 2013, the Republican-controlled House and the Democrat-controlled Senate negotiated with the White House on three fiscal matters with looming deadlines: raising the debt ceiling now approaching the limit $16.5T, massive federal spending cuts known as sequester and a budget resolution. On February 4th, the President signed a bill into law extending the debt limit debate until 5/18/13. This date may also get extended as far as August due to financial manipulations similar to those used in 2011. The "No Budget, No Pay Act of 2013" also mandates that pay for lawmakers be held in escrow starting April 16 until their chamber has passed a 2014 budget resolution. Congress must pass a spending bill, called a continuing resolution or “CR,” which would continue spending after Sept. 30, 2013, the end of the 2013 fiscal year. As it stands now, the government’s legal authority to borrow more money runs out in mid-October, 2013. According to the Bipartisan Policy Center, if that date arrived on October 18, the Treasury “would be about $106 billion short of paying all bills owed between October 18 and November 15. The congressionally mandated limit on federal borrowing is currently set at $16.7 trillion. The debt limit has been raised 13 times since 2001 and has grown from about 55 percent of Gross Domestic Product in 2001 to 102 percent of GDP last year. The hoped for legislation will raise the debt ceiling through Dec. 31, 2014.
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The debt deal is not perfect, but it passed anyway

5/31/23; updated 6/1/23
from The Gray Area:
5/31/23; updated 6/1/23:

If you read the left & right media regarding the Biden/McCarthy debt deal, it becomes clear that the deal is a relief to the Democrats. They are almost in unison (some are making token complaints but nothing serious) in support of the deal. That is because it presents them with the increase in the debt limit, meaning the possibility of more spending. Democrats say they are concerned about these elements of the deal: -student loan forgiveness going away (they weren't going to get it through the courts anyway) -some work requirements being added (token) -weaker government spending will hurt jobs (narrative more than reality) -climate change - WVa pipeline (token for Manchin) Realistically, they just want the increase in the spending limit, so expect 100% Democrat voting block for the deal. Conservative Republicans have the biggest problems with the deal , justifiably so, because they are not getting the spending reduction they want and the country requires. They believe, for some reason, that they can get more than this version without pain to anyone but Democrat politicians, which defies reality. Hopefully the negotiations will allow those Republicans to vote against the deal for political purposes, and the bill will pass the House and move to the Senate tonight. [UPDATE: This did happen and the Senate Passed the deal on June 1st, sending it to Pres. Biden's desk for signature.] Something is better than nothing now, and there is something in this deal. There is nothing good to come from continued negotiations at this point or exceeding the self-imposed debt limit. I don't think the US will default on any obligations, but I do believe that financing government debt would become more expensive and that is not a good thing. Even if more Democrats than Republicans vote to pass the bill, it is a good thing. As a matter of fact, that would make the most sense at this time since Democrats get what they want. However, one thing that is critical to change in the bill is the expiration date. It needs to be January 31st, 2025, not January 1st. The new Congress and President needs to take office before it expires. There is no doubt that government spending needs to be reduced dramatically, but realistically that can only happen in chunks, over time, and with different election results. Take this deal as a win and move on tot he next battle.

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