Featured StoryRepublicans begrudgingly agreed to higher tax rates for the wealthy in the fiscal cliff deal, so now they plan to fight harder to get their way with spending cuts by using a major economic concern as leverage: the U.S. debt ceiling.
The federal government officially surpassed the $16.4 trillion debt ceiling on Dec. 31 but accounting tricks will keep the government functioning for about two months, to the end of February. That's when Washington will...
current us debt ceiling
Why the U.S. Debt Ceiling Debate is a Bigger Deal than the Fiscal Cliff
With the fiscal cliff deal behind us at last, the next big battle in Washington will focus on the U.S. debt ceiling, and the stakes are high.
The United States officially hit the $16.394 trillion U.S. debt ceiling Dec. 31. The debt now stands at about 73% of U.S. gross domestic product and will continue to rise over the next decade without major spending reforms.
U.S. Debt Ceiling: Forget Fiscal Cliff with the Real Issue Still Ahead
The nation's attention has been captured by the bitter and so far unfruitful fiscal cliff negotiations between U.S. House Speaker John Boehner, R-OH, and U.S. President Barack Obama.
But this is a sideshow.
The real issue is Boehner's attempt to tie the U.S. debt ceiling to fiscal cliff deal making.
The United States is getting close to its borrowing limit. The U.S. debt ceiling must be increased if the United States...