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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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Did someone forward you this newsletter? Subscribe here.
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Key business and economic news with implications this week and beyond:
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5 things to know about Trump’s call to scrap debt ceiling
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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 GOP eyes plan B stopgap with separate 2-part debt limit commitment
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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 GDP marked higher, jobless claims ease as US economy flexes muscle
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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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The Hill’s Evening Report breaks down the day’s big political stories and looks ahead to tomorrow. Click here to sign up & get it in your inbox
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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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FDA says knockoff versions of Lilly obesity drug must come off the market
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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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Live updates: Dems slam Trump-backed spending bill before House vote
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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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Dems say ‘hell no’ to GOP plan B on government funding, debt ceiling
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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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- DOGE shouldn’t unilaterally disarm if there’s room for reform
- Will ‘Good Trump’ or ‘Bad Trump’ prevail on housing?
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You’re all caught up. See you tomorrow!
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