Sentence examples for borrowing ceiling from inspiring English sources

WASHINGTON — A few days ago, former President Bill Clinton identified a constitutional escape hatch should President Obama and Congress fail to come to terms on a deficit reduction plan before the government hits its borrowing ceiling.

The latest turn in the summer's epic clash between the White House and Congressional Republicans came little more than a week before the government hits its borrowing ceiling, and set off accusations from both sides about who was to blame.

Democrats and Republicans with legislative experience agree that even if both sides decided Saturday to raise the $14.3 trillion borrowing ceiling and to reduce future annual deficits, it would be extremely difficult for the compromise measure to wend its way through Congress before Tuesday's deadline, given Congressional legislative procedures.

To win approval of the essential increase in the nation's $14.3 trillion borrowing ceiling, Mr. Obama sought more in deficit reduction than Republicans did, and with fewer changes to the entitlement programs, because he was willing to raise additional revenue starting in 2013 and they were not.

Mr. Obama and Mr. Boehner did tentatively agree to more than $3 trillion in savings over 10 years — at least hundreds of billions more than is called for in the fallback plans now bandied about in Congress to clear the way for a vote to increase the $14.3 trillion borrowing ceiling by next Tuesday.

Both sides are eager to avert a crisis, and the blame that would go with it, if the government breaches a $14.3 trillion borrowing ceiling on Aug. 2. "So now the debate will move from a room in the White House to the House and Senate floors," Mr. McConnell said.

The local bosses' association says that 40% of firms were hit by lowered borrowing ceilings between January and March, and 15% were told to pay back loans.

When the federal government hits its debt ceiling, borrowing stops, but deficit spending can keep right on going for a while, using what the Treasury calls "extraordinary measures". What extraordinary measures really mean is the federal government takes money out of other accounts (such as employee retirement accounts) to cover its overdrafts until the debt ceiling is raised.

The debt ceiling is a borrowing cap established by Congress, and it prohibits the Treasury Department from issuing more debt.

Several specific policy responses areconsidered, including disclosure, regulation of unsolicited offers,unbundling of transacting and borrowing services, and usury ceilings.

The debt ceiling is an authorization for all borrowing up to some limit (the ceiling).