Debt Ceiling Q&A THIS IS WHAT REPUBLICANS DID TO THE FUTURE OF THE NATION
Debt Ceiling Q&A May 7, 2026 Budget Process The debt ceiling currently stands at $41.1 trillion, having been lifted to that level by the One Big Beautiful Bill Act (OBBBA) signed into law on July 4, 2025. Prior to OBBBA’s enactment, the debt ceiling had been suspended until January 2, 2025; the Treasury Department used “extraordinary measures” to avoid default. The debt ceiling will likely need to be raised once again sometime in mid-to-late 2027. COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET