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Business & Economy
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Business & Economy
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Why Trump wants the debt limit off his plate
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President-elect Trump’s recent demands of Congress to act on the nation’s debt ceiling — which is only suspended through the end of the year — before he returns to the White House.
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The debt ceiling was suspended in 2023 through Jan. 1, 2025, and extraordinary measures are expected to buy Congress and Trump a few more months until a potential default.
Trump said this week that he wanted Republicans to force the issue and raise the debt ceiling while President Biden would be forced to take the heat for signing it into law.
Doing so would clear the deck for potentially trillions of dollars in tax cuts that Republicans have been eager to cement.
Trump, who signed three debt ceiling extensions into law during his first term without cutting debt, also said the limit never actually leads to enduring spending reductions.
The debt limit “doesn’t mean anything, except psychologically,” Trump told NBC News.
“My position is simple — I am not going to raise or suspend the debt ceiling (racking up more debt) without significant & real spending cuts attached to it. I’ve been negotiating to that end. No apologies,” wrote Rep. Chip Roy (R-Texas) on the social platform X after Trump ripped the fiscal hawk online and called for him to face a primary challenge.
“No apologies. CC: @realDonaldTrump @SpeakerJohnson @SenJohnThune @freedomcaucus,” he added defiantly.
The Hill’s Sylvan Lane has more here.
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Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
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Key business and economic news with implications this week and beyond:
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President-elect Trump has thrown a wrench into government funding negotiations with his call to eliminate the debt ceiling just days before a potential shutdown.
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House Republicans are eyeing an alternative government funding stopgap that excludes a debt ceiling increase, and are instead working on a commitment to raise the borrowing limit twice next year in a bid to appease President-elect Trump, two sources told The Hill.
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Third-quarter gross domestic product (GDP) was revised higher Thursday following a substantially stronger projection for U.S. economic performance released Wednesday by the Federal Reserve.
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Upcoming news themes and events we’re watching:
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- The personal consumption expenditure (PCE) reading for November is set to come out Friday morning at 8:30 a.m. ET.
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Branch out with more stories from the day:
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WASHINGTON (AP) — Specialty pharmacies and online companies that have been selling off-brand copies …
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Business and economic news we’ve flagged from other outlets:
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- As TikTok Runs Out of Options, This Billionaire Has a Plan to Save It (Bloomberg)
- DOGE Can’t Do It All. Here’s What It Can Do. (Politico)
- Online dating is about to radically change (CNN)
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Top stories on The Hill right now:
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House Republicans say they have a deal for a new spending plan after the first one, a bipartisan effort, went down in flames when it was rejected by many members and President-elect Trump. Read more
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House Democrats are rallying in overwhelming opposition to the Republicans’ second stab at a government funding bill, vowing to sink it on the House floor and force GOP leaders back to the table to negotiate a bipartisan compromise. Read more
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Opinions related to business and economic issues submitted to The Hill:
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You’re all caught up. See you tomorrow!
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