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What is the debt ceiling? What could happen if it's not raised? Here are answers to questions you may be asking about the debt limit and the fight over it.
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White House and congressional staff will continue to meet, but President Biden and congressional leaders will hold off on their plan to gather on Friday.
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The government could run out of money to pay its bills as soon as June 1. President Biden said talks were "productive" though Speaker Kevin McCarthy said "I didn't see any new movement."
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Mitch McConnell may well wish to wash his hands of this year's blood-letting over the debt limit and all it entails. But he knows it will not be that easy. He may know that better than anyone.
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Treasury Secretary Janet Yellen warned lawmakers that unless the debt ceiling is raised soon, the federal government may not have enough money to pay its bills as early as June 1.
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House Speaker McCarthy secured the support of GOP members to pass a bill to increase the nation's borrowing limit while slashing federal spending. Democrats say it threatens a default.
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Speaker Kevin McCarthy's proposal would lift the nation's credit limit for one year in exchange for spending cuts.
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President Biden and Speaker McCarthy continue to spar over the next steps in negotiations on the debt ceiling. The country faces a historic default if no deal is reached before the summer deadline.
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The bill heads off fiscal calamity and puts an end — for now — to tense negotiations over the federal debt limit.
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After a deal was reached with Republicans, Senate Democrats passed a bill to avoid the immediate threat of default by shifting the debt limit deadline to early December.