Congress misses key debt-ceiling deadline: What that means, what happens next

Lawmakers missed deadline to extend 2-year suspension of debt ceiling

Megan Henney FOXBusiness

 

The debt ceiling suspension expired last month and Treasury Secretary Janet Yellen instituted extraordinary measures for cash-conservation. FOX Business' Edward Lawrence with more.

Time is running out for Congress to raise, or suspend, the debt ceiling before the U.S. government runs out of cash to pay its bills.

Lawmakers missed a Saturday deadline to extend former President Donald Trump's two-year suspension of the nation's borrowing limit, which was automatically reinstated at the beginning of August. 

The debt ceiling, which hit $22 trillion in August 2019, is the legal limit on the total amount of debt that the federal government can borrow on behalf of the public, according to the Committee for a Responsible Federal Budget (CRFB). Once the suspension lifted, the new limit was reinstated around $28.5 trillion, a figure that includes debt held by the public and the government.

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