Breaking (Down) the Debt Ceiling
Will The Debt Ceiling Standoff End Up In Court?
Lat: Law Firms Must Get Big, Profitable or Lost
Weekly Brief: Lawyers Laid Off After Foreclosure Settlement
The federal statutory debt limit is currently set at $31.4 trillion. As congressional Republicans and President Joe Biden continue to haggle over a budget agreement that would include an increase in the debt ceiling, the date...more
Like most other enterprises that raise and spend capital, the federal government finances its spending in part through the issuance of debt. The federal debt limit is the maximum amount of money that the federal government is...more
Debt Limit Deadline Draws Nigh - President Biden and House Speaker Kevin McCarthy are scheduled to meet one-on-one today, just 10 days ahead of the June 1 debt limit deadline....more
The United States is facing yet another standoff over its congressionally set debt limit. In addition to causing widespread economic harm, Congress's failure to raise the debt limit, also known as the debt ceiling, could...more
The United States is likely just weeks away from the federal government reaching the maximum debt ceiling. The U.S. Department of the Treasury is not permitted to expend funds beyond the current debt limit (because it has no...more
Contractors face potential payment uncertainty as a result of the current congressional inability to agree to increase the federal government’s debt ceiling. The government reached the official debt limit months ago, on...more
The Cozen Lens- •As the dust settles on the most serious banking crisis since 2008, lawmakers and regulators are eying the policies, as well as the politics, necessary to restore stability to the banking system... ...more
The Cozen Lens- •After reaching the $31.4 trillion debt limit last week, the clock is ticking to find a path forward and avoid a default. But raising the debt limit today has become a broader partisan fight, which may...more
On Jan. 19, 2023, the United States government reached its $31.4 trillion borrowing limit, which was signed into law (P.L. 117-73) by President Joe Biden on Dec. 16, 2021. Last week, Treasury Secretary Janet Yellen wrote to...more
The U.S. federal government once again confronts twin fiscal crises. Absent intervening legislation, the government’s appropriations will largely lapse on October 1, 2021, prompting a shutdown. Separately, the secretary of...more
The clock is ticking for Congress to reach a deal to raise the federal borrowing limit — the debt ceiling. On July 23, 2021, Secretary of the Treasury Janet Yellen notified Congress that, as of Aug. 1, the outstanding debt of...more
On December 6, 2017, the U.S. Department of the Treasury announced the suspension of sales of United States Treasury Obligations – State and Local Government Series (i.e., SLGS), effective 12:00 noon Eastern Time, Friday,...more
The U.S. Department of the Treasury’s Bureau of the Fiscal Service (the “Treasury”) announced on December 6, 2017 the suspension of sales of State and Local Government Series (SLGS) nonmarketable Treasury securities,...more
According to Treasury Secretary Steve Mnuchin, the U.S. will hit its debt limit at some point in late September. Congress has until then to raise the federal debt ceiling before the Department of the Treasury's so-called...more
CBO Confirms Size of Breach of Defense Cap for FY18 Bills: The House FY18 Omnibus Appropriations Bill scheduled to be taken up in September would bust the Defense cap by $72 billion. This would cause the Office of Management...more
US Budget Deficit Narrowed to $42.9 Billion in July: The federal budget deficit fell sharply in July from a year earlier, largely because of a quirk in the calendar. The U.S. Treasury Department said that the budget gap came...more
McConnell Sets Next Senate Vote for Sept. 5 (The Washington Post). House Set to Bundle 8 Leftover Spending Bills in September: Republicans are set to tackle remaining appropriations bills after returning from August recess,...more
House Passes Spending Bill That Includes Over $1 Billion in Border-Wall Funding: The House passed a $788 billion spending bill that combines a $1.6 billion down payment for President Donald Trump's controversial border wall...more
On March 8, 2017, the U.S. Department of the Treasury announced the suspension of sales of United States Treasury Obligations – State and Local Government Series (i.e., SLGS), effective 12:00 noon Eastern Time, March 15,...more
Even before Congress returned to work this week, House and Senate Republican leadership warned their caucuses about the political consequences of shutting the government down when this fiscal year ends on September 30. In...more
Absent intervening legislation, the U.S. federal government’s appropriations will lapse on October 1, 2013, prompting a government shutdown. Separately, the secretary of the Treasury has informed Congress that, no later than...more
In This Issue: Leading the Past Week; Legislative Branch; and Executive Branch. Leading the Past Week - Congress returned this week from its August Recess period and hit the ground running, with the...more
In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; Miscellaneous; and Upcoming Hearings. Excerpt from Leading the Past Week - Even though the Senate sent a debt limit extension to the...more
The 113th Congress opened this week. In many ways, however, it began in the long shadow of the 112th Congress, which ended on January 3. Numerous issues were either left unresolved or only partially addressed, requiring...more