U.S. Debt Ceiling Suspension Ends, Congress Unclear on Next Step
- Two-year freeze of debt limit officially expires Sunday
- Day marks ‘starter’s gun’ for lawmakers to get a deal
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The U.S. debt ceiling officially became operative again on Sunday after a two-year suspension, with lawmakers in Washington yet to outline how they’ll avoid a potential default later this year.
The debt limit -- the total amount that the federal government is authorized to borrow -- was set at $22 trillion in 2019. It will adjust to the current level of debt -- which had risen to $28.5 trillion as of the end of June -- when the suspension ends, putting pressure on Congress to find a solution that will allow the government to keep borrowing.