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House GOP lawmakers raised alternative debt limit plays in huddle with Trump

  • President-Elect Donald Trump has asked Congress to raise or eliminate the government’s borrowing limit as the federal government has more than $36 trillion in debt right now.
  • Treasury Secretary Janet Yellen warned that her agency will need to take special accounting maneuvers to prevent reaching the debt limit.
  • Economists suggest that Congress should raise the debt ceiling soon to avoid economic issues, as the Treasury can only engage in extraordinary measures for a limited time.
  • House Republicans are discussing plans to increase the state and local tax deduction, with proposals varying from a $200,000 limit to smaller increases tied to inflation.
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