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With debt near $40T, GOP bills would tie debt hikes to spending cuts

The U.S. debt is nearing $40 trillion, with the debt-limit deadline expected around mid-2027, prompting two GOP bills that require spending cuts matching any debt ceiling increase.
The Dollar-for-Dollar Deficit Reduction Act, introduced by John Barrasso and Greg Steube, mandates that any debt limit increase be offset by equal or greater spending cuts over the current and next ten or eleven years.
Congress cannot keep raising the credit limit without reducing spending, emphasizing the need for fiscal restraint and cutting up the credit card.
The national debt is about $39.9 trillion, close to the $41.1 trillion ceiling set by last year's law, with projections to reach the limit by mid-2027.

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With debt near $40T, GOP bills would tie debt hikes to spending cuts

(The Center Square) – As the U.S. nears a mid-2027 debt-limit deadline with debt approaching $40 trillion, two Republican bills would bar Congress from raising the ceiling without matching any increased spending with spending cuts elsewhere.

2 days ago·Pennsylvania, United States

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