The White House and Republicans are getting closer to a deal to raise the country’s $31.4 trillion debt ceiling, and reports have emerged that a deal would cap federal spending for two years. Republicans have demanded spending cuts.The last time Congress imposed spending caps as part of a deal to raise the debt ceiling, some of those spending limits ended up altered during successive sessions of Congress.
While the 2011 legislation established limits on the amount of discretionary spending that could be allocated each fiscal year, the White House and Congress subsequently enacted legislation that increased the spending limits. The increases to the spending limits in the decade after 2011 counteracted some or all of the reductions that occurred as part of the sequester, according to the nonpartisan Congressional Research Service.
“We have to remember the deal is only for purposes of getting something done now, it doesn’t mean something won’t be changed in the future,” Brian Marks, executive director of the University of New Haven’s Entrepreneurship and Innovation Program, told the Washington Examiner. The current standoff over the debt ceiling is the closest the U.S. has come to a technical default since the 2011 fight.
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