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A lot of people bet that the Republican from Bakersfield would be unable to keep his factionalized majority in line. He proved the doubters wrong. But the party remains deeply divided on an issue that once united it — the size of government.
CQ Roll Call photojournalists look back to the summer of 2011 when political wrangling over raising the debt limit gripped Washington.
World War I is the original of the debt ceiling or debt limit, total amount outstanding US debt that the Department of the Treasury can take on. Debt default date is when Treasury Department would no longer be able to pay interest to bondholders on existing debt or to incur new debt
Speaker Kevin McCarthy says it would take a week and a half for a debt deal to pass Congress. But both chambers have certain escape hatches in case timing slips — if lawmakers cooperate.
Battles in 2011 and 2013 taught President Biden not to lean on a House speaker who has little room to negotiate and to keep debt ceiling talks separate from the budget.