Latest news with #DebtCeilingReformAct
NBC News
6 days ago
- Business
- NBC News
Live updates: Judge denies DOJ request to unseal Epstein transcripts; House committee subpoenas Maxwell
The Democrats leading the House and Senate budget committees are introducing legislation today to abolish the debt limit as we know it. The bill would ensure that the Treasury Department could borrow money if necessary to meet U.S. obligations under the law, rather than needing Congress to pass legislation in what has become a perennial fight on Capitol Hill. The Debt Ceiling Reform Act, led by Rep. Brendan Boyle, D-Pa., and Sen. Jeff Merkley, D-Ore., would allow the treasury secretary to suspend the debt limit for two years. That could take effect 46 calendar days after Congress has been notified — unless Congress passes a law to prevent it during that window. Republicans raised the debt limit by $5 trillion in Trump's megabill, most likely resolving it through the 2026 midterm election.
NBC News
6 days ago
- Business
- NBC News
Live updates: Trump to deliver remarks on AI plans; White House scrambles to finish tariff deals
The Democrats leading the House and Senate budget committees are introducing legislation Wednesday to abolish the debt limit as we know it. The bill would ensure that the Treasury Department can borrow money if necessary to meet U.S. obligations under the law, rather than needing Congress to pass legislation in what's become a perennial fight on Capitol Hill. The Debt Ceiling Reform Act, led by Rep. Brendan Boyle, D-Pa., and Sen. Jeff Merkley, D-Ore., would allow the treasury secretary to suspend the debt limit for two years. That can take effect 46 calendar days after notifying Congress — unless Congress passes a law to prevent it during that window. Republicans raised the debt limit by $5 trillion in Trump's megabill, likely resolving it through the 2026 midterm election.
