Debt Debate Front and Center

Congress returns from spring break to begin what promises to be a major debate on the government’s long-term financing.

Lawmakers have about two months to increase the debt limit, according to the Treasury Department. Although leaders of both parties have said the debt ceiling must be raised and that some mechanism is needed to limit future deficits, there is no consensus on any of the crucial details.

Two sets of bipartisan talks are under way or soon to begin, but it remains unclear what kind of deficit reduction plan can satisfy both liberal lawmakers concerned about maintaining costly government services and conservatives who demand spending reductions and prefer to rule out revenue increases.

Read more about the debt ceiling.

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