The debt ceiling showdown: Republicans and Democrats in furious negotiations over spending as Congress decides whether to increase the $31.4 TRILLION limit – 120% of the US GDP

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The debt ceiling showdown: Republicans and Democrats in furious negotiations over spending as Congress decides whether to increase the $31.4 TRILLION limit – 120% of the US GDP

  • Kevin McCarthy and Joe Biden are facing a showdown on debt ceiling
  • U.S. will hit its spending limit on Thursday, January 19
  • Treasury will take ‘extraordinary measures’ to keep money moving
  • McCarthy wants spending cuts, Biden wants debt raised with no strings 

By EMILY GOODIN, SENIOR U.S. POLITICAL REPORTER FOR DAILYMAIL.COM

PUBLISHED: 11:55 EST, 17 January 2023 | UPDATED: 15:20 EST, 17 January 2023

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Speaker Kevin McCarthy and President Joe Biden are facing a showdown in their first major legislative clash since Republicans took control of the House, as they prepare to do battle over whether or not to increase the country’s eyewatering $31.4 trillion debt limit. 

Treasury Secretary Janet Yellen warned that the US will hit its cap on Thursday, January 19. Once that happens, she will not be able to issue new debt without congressional action. In the meantime, the department will use ‘extraordinary measures’ to keep the government afloat – a move that is expected to last until June. 

Once those funds are exhausted, the US will be at risk of defaulting, unless Congress and the White House agrees to lift the limit on the government’s ability to borrow.Skip AdContinue watchingLisa Marie Presley’s twins ‘won’t return to LA home where she died’after the ad

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The U.S. debt is now about 100% of GDP, up from 39.2% as rec

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