The U.S. could be in the middle of a fiscal crisis in a few months as the government hit its $31.4 trillion borrowing limit
about a bruising fight over the debt ceiling this year that could be at least as disruptive as the protracted battle of 2011, which prompted a downgrade of the U.S. credit rating and years of forced domestic and military spending cuts.
Congress adopted a comprehensive debt ceiling, the statutory maximum of debt the government can issue, in 1939, intending to limit its growth. The measure has not had that effect, as, in practice, Congress has treated the annual budget process -- deciding how much money to spend -- separately from the debt ceiling -- in essence, agreeing to cover the costs of previously approved spending.
The Republican plan calls for balancing the federal budget in 10 years by capping discretionary spending at 2022 levels, and using House oversight to identify federal programs that can be eliminated or scaled back in spending bills that are expected to emerge from the House Appropriations Committee later this year.
White House officials also note that Republicans in Congress backed multiple increases to the debt ceiling when Republican Donald Trump was president.
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