Christian Science Monitor
•75% Informative
High-stakes negotiations over the debt limit are intensifying between House Deep Read evi 6 McCarthy WASHINGTON ent Joe Biden.
If Congress does not increase the amount the country i House owed to b Kevin McCarthy ted States coul Joe Biden as soon as June 1.
If interest rates continue to rise, the U.S. could be forced to put 50% to 100% of its annual tax revenue toward paying interest on the nationa Republicans he national debt now stands at more than $31 trillion, with an increasingly rapid trajectory at current spending levels and interest rates.
Congress has raised, extended, or redefined the debt limit nearly 80 t the White House .
The debt has U.S. tinued to grow under President Biden, fueled by deficit spending on additional COVID-19 relief bills.
The 2021 Responsible Budgeting Act would raise the debt limit for the fiscal year in which a bu Shai Akabas sed.
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VR Score
77
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