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Republicans are setting up a battle over the debt ceiling in an attempt to reign in federal spending. Pundits also say it’s meant in part to force the president to come back to the negotiating table before the 2024 presidential election.
The proposal would lift the debt ceiling by $1.5 trillion or suspend it until March 2024, whichever comes first. The current national debt ceiling sits at $31.4 trillion — it was last raised in 2021.
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