2023 United States debt-ceiling crisis: Difference between revisions

The federal debt ceiling was raised in December of 2021 by $2.5 trillion to $31.381 trillion, which lasted until January 19, 2023.

The bill would suspend the debt ceiling through either March 31, 2024 or a $1.5 trillion increase from the current $31.4 trillion ceiling - whichever comes first. CBO finds the bill would save $4.8 trillion through FY 2033, with about $4.2 trillion of policy savings and $543 billion of interest savings.  As a result, debt as a share of GDP would rise less than half as fast as currently projected – from 98 percent of GDP to 106 percent by FY 2033, compared to 118 percent of GDP projected under current law.