A statutorily imposed debt ceiling has been in effect since 1917 when the US  Congress passed the Second Liberty Bond Act. Before 1917 there was no debt  ceiling in force, but there were parliamentary procedural limitations on the  amount of debt that could be issued by the government. Except for about a year  during ...
Aug 22, 2017 ... GAO concluded that since the debate generally “occurs after tax and spending  decisions have been enacted into law, Congress has a narrower range of ...  There is no question that the need to raise the debt limit has in the past provided  an opportunity to assess prior fiscal decisions and make corrections.
In 2011, the United States reached a crisis point of near default on public debt.  The delay in raising the debt ceiling resulted in the first downgrade in the United  States credit rating, a sharp drop in the stock market, and an increase in  borrowing costs. Congress raised the debt limit with the Budget Control Act of  2011, which ...
Nov 9, 2016 ... Republican leaders may well use a special legislative process called “ reconciliation” to advance their fiscal policy agenda in 2017. Created by the  Congressional Budget Act of 1974, reconciliation allows for expedited  consideration of certain tax, spending, and debt limit legislation. In the Senate ...
Aug 9, 2017 ... Freedom Caucus members have no real leverage to force legislative changes,  but if they won't vote for what's known as a “clean” debt ceiling increase — one  that is not attached to spending cuts or any other bills — that puts some leverage  in the hands of congressional Democrats, whose votes GOP ...
There are no tax increases in this debt limit bill. Period.