debt limit

Lifting the debt limit allows the government to pay for programmes already approved by Congress.

Treasury Secretary Scott Bessent has urged Congress to address the debt limit by mid-July and warned if they do not, the US could be unable to pay its bills as early as August.

Paul has said he opposes the bill because it raises the US debt limit.

And, third, any policy passed through budget reconciliation must directly affect federal spending, revenue, or the debt limit.

The federal debt limit will pose one of Bessent's biggest challenges.