![]() ![]() House Speaker McCarthy has agreed that cuts to Social Security and Medicare are “off the table” in these discussions but has not ruled out seeking other spending cuts. The Biden Administration has said it will not negotiate spending reductions as part of debt limit talks but is open to separate discussions about approaches to debt and deficit reduction. In current discussions around the debt limit, some Republican lawmakers have pushed for reductions in future federal spending as part of a deal to raise the debt limit. Congress has passed legislation 20 times since 2001 to increase or suspend the debt limit to avoid the federal government defaulting on its obligations. The amount of the debt limit is established by law and increasing or suspending it requires legislative action. The debt limit, also known as the debt ceiling, is the maximum amount of money that the federal government is legally authorized to borrow to cover federal spending, including Social Security, Medicare, defense, and other federal government programs and obligations. had reached the $31.381 trillion debt limit, prompting the Treasury Department to begin taking so-called “extraordinary measures” that are expected to help the government avoid defaulting on its debt until the summer of 2023. In January 2023, Treasury Secretary Yellen announced that the U.S. Note: This brief was updated on March 20, 2023, to include details on fiscal year 2023 spending from the fiscal year 2024 budget released by the Biden Administration on March 9, 2023.
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