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Raising the Debt Ceiling

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Marketplace Morning Report

Why has the debt limit spat lingered for so long?

May 9, 2023
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Raising the Debt Ceiling

Yellen: U.S. could hit debt limit as soon as June 1

by Associated Press
May 1, 2023
The treasury secretary urges Congress to protect nation’s “full faith and credit” by raising the government’s borrowing authority.
In a letter to House and Senate leaders, the treasury secretary urged Congress “to protect the full faith and credit of the United States by acting as soon as possible.”
Stefani Reynolds/AFP via Getty Images
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Raising the Debt Ceiling

Why is it so hard for Congress to deal with the national debt?

by Kimberly Adams
Apr 20, 2023
Reining in our debt amid the debt ceiling battle would require big — and painful — changes to government spending and taxation.
House Speaker Kevin McCarthy's terms for lifting the debt ceiling would limit discretionary spending, roll back some tax credits, end student loan forgiveness and repeal additional IRS funding, among other things.
Stefani Reynolds/AFP via Getty Images
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Raising the Debt Ceiling

The last time the U.S. almost defaulted on its loans, the consequences were expensive

by Nancy Marshall-Genzer
Apr 17, 2023
The phrase "debt ceiling" brings some people right back to 2011, when the U.S. also went down to the wire.
Speaker of the House Kevin McCarthy delivers a speech about the economy and debt ceiling at the New York Stock Exchange on April 17. McCarthy said that “defaulting on our debt is not an option.” But neither McCarthy nor the White House are showing any signs of compromising.
Michael M. Santiago/Getty Images
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Raising the Debt Ceiling

Biden's budget and GOP response offer up a sneak preview of next year's campaign issues

by Kimberly Adams
Mar 10, 2023
The budget is a policy document, but this one's also a campaign document.
President Biden talks about his proposed FY2024 federal budget during an event in Philadelphia on March 9.
Chip Somodevilla/Getty Images
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Raising the Debt Ceiling

Why comparing government and household spending doesn't quite work

by Kai Ryssdal and Andie Corban
Feb 16, 2023
It's like comparing apples and oranges, professor Golnaz Motie says, because the government has many more tools and huge immediate obligations.
House Speaker Kevin McCarthy has compared the federal debt ceiling to a household's credit limit.
Mark Wilson/Getty Images
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Raising the Debt Ceiling

What's really behind concerns about government overspending?

by David Brancaccio , Ariana Rosas and Jarrett Dang
Feb 9, 2023
The current debt ceiling fight reflects old concerns about government debt, says economist Michael Boskin.
House Speaker Kevin McCarthy, above, is a player in the debt ceiling issue. Economist Michael Boskin, who led the Council of Economic Advisers under the first President Bush, says the current debt battle reflects concerns about excessive government spending.
Drew Angerer/Getty Images
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Raising the Debt Ceiling

Breaking down the $31.4 trillion national debt

by Kai Ryssdal and Maria Hollenhorst
Jan 27, 2023
There are public holders and government agencies, which all comes into play in the congressional debt ceiling battle.
The national debt is made up of two big pieces — intragovernmental holdings and IOUs held by the public. Above, the U.S. Capitol dome seen through a glass ceiling.
Drew Angerer/Getty Images
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Raising the Debt Ceiling

The origin of the U.S. debt ceiling

by Kai Ryssdal and Maria Hollenhorst
Jan 19, 2023
The U.S. government hit its debt ceiling Thursday and must raise the debt limit to avoid defaulting. How did we get here?
With the debt ceiling reached, the U.S. Treasury initiated "extraordinary measures" to avert a government default.
Anna Moneymaker/Getty Images
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Raising the Debt Ceiling

The U.S. hit its debt ceiling. Now it's time for “extraordinary measures.”

by Samantha Fields
Jan 19, 2023
Basically, Treasury will have to move money around so it can keep paying the country’s most important bills. At least for a little while longer.
Treasury Secretary Janet Yellen warned that her department would have to take "extraordinary measures" to keep the U.S. government from defaulting on its debt.
Alex Wong/Getty Images
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