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House GOP debt ceiling plan would cap future government spending
Speaker Kevin McCarthy (R-CA) on Wednesday unveiled his party’s extremely-predicted financial debt ceiling proposal, indicating he’s prepared to raise the restrict by $1.5 trillion or right up until March 31, 2024 — whichever comes very first — but only if Democrats agree to a host of other actions. “I urge all my colleagues on both equally sides of the aisle to aid this strategy to get our nation back on monitor,” McCarthy said on the flooring of the U.S. Household immediately after months of ready to introduce a plan, saying those measures will save taxpayers $4.5 trillion above the following ten years. But a lot of of the key GOP…
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How a government debt ceiling crisis could affect future travel
The U.S. government has just reached its debt ceiling for the first time since 2011. Though lawmakers funded the federal government through the end of the fiscal year 2023 in December, they still borrow money to fund ongoing operations via a debt ceiling. “The federal government is like any other person with a credit card in that it limits how much it can borrow to finance extra spending, known as the debt ceiling. That’s essentially to ensure the government can still fund its legal obligations,” Sarah Foster, an economy reporter for Bankrate (a publication owned by TPG’s parent company, Red Ventures), explained. “But running the world’s largest economy gives you…
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