Congress Returns with Debt-limit Debate Set to Begin

Congress returns this week, and the Republican majority in the House of Representatives needs to finalize their strategy for the upcoming debate over raising the national debt limit. The Treasury Department announced that it would engage in “extraordinary measures” to ensure the federal government would continue to meet its financial obligations after the U.S. reached its authorized debt limit earlier this year. However, the limit would need to be raised sometime in June or July, according to Treasury’s estimates, to prevent a U.S. government default.

Democrats will hold their policy retreat in Baltimore this week, where President Joe Biden will preview his 2024 budget request. The White House is expected to submit its budget request on March 9, and its release will bring the debt-limit issue to the forefront for Congress.