On September 8, the same day that President Trump signed a bill into law that suspended the debt ceiling and enabled unlimited federal borrowing, the national debt reached and exceeded $20 trillion for the first time in U.S. history.
It’s not as though it was much better before Friday, however, as the debt ceiling has been sitting comfortably at approximately $19.8 trillion since March. However, as a result of President Trump’s deal with the Democrats that raised the debt ceiling and also provided federal aid to the victims of the recent hurricanes, the Treasury Department was able to begin immediately borrowing money following months of being forced to use “extraordinary measures” to avoid exceeding the debt ceiling.
Under President Trump’s deal with the Democrats, the federal government will not have any spending cap until December 8, when a new debt ceiling will be in put in effect.
President Trump taunted Republicans following his deal with the Democrats with a tweet in which he ultimately blamed the GOP for forcing his hand and compelling him to reach across the aisle. “Republicans, sorry, but I've been hearing about Repeal & Replace for 7 years, didn't happen! Even worse, the Senate Filibuster Rule will never allow the Republicans to pass even great legislation. 8 Dems control – will rarely get 60 (vs. 51) votes. It is a Repub Death Wish...”
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