• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises

2

Despite having a $165 million net worth, Scarlett Johansson says work-life balance doesn’t exist—and the first step to success is admitting that

3

Nearly 50,000 Lake Tahoe residents have to find a new power source after their energy source looks to redirect lines to data centers

1

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises

2

Despite having a $165 million net worth, Scarlett Johansson says work-life balance doesn’t exist—and the first step to success is admitting that

3

Nearly 50,000 Lake Tahoe residents have to find a new power source after their energy source looks to redirect lines to data centers
PoliticsDonald Trump

Trump admits he would prefer to eliminate the debt ceiling under Biden so he can avoid taking the heat for more government borrowing

Sasha Rogelberg
By
Sasha Rogelberg
Sasha Rogelberg
Reporter
Down Arrow Button Icon
Sasha Rogelberg
By
Sasha Rogelberg
Sasha Rogelberg
Reporter
Down Arrow Button Icon
December 20, 2024, 11:27 AM ET
Donald Trump shrugs and gestures as he speaks into a microphone behind a "Trump Vance" podium.
President-elect Donald Trump has been insistent upon Congress raising the debt limit ahead of a looming government shutdown.Andrew Harnik/Getty Images
  • As a government shutdown looms, President-elect Donald Trump is insisting on including provisions in a spending bill that would raise the debt ceiling, something his party has historically opposed. “We’ll see whether or not we have a closure during the Biden administration,” Trump told CBS News. “But if it’s going to take place, it’s going to take place during Biden, not during Trump.”

President-elect Donald Trump has said the quiet part out loud, admitting he wants Congress to eliminate the debt ceiling under President Joe Biden’s administration. Trump’s calls for getting rid of the debt ceiling is a break from decades of Republican party opposition to raising debt limits.

Recommended Video

“Number one, the debt ceiling should be thrown out entirely,” Trump told CBS News in a Thursday phone interview. “Number two, a lot of the different things they thought they’d receive [in a proposed spending deal] are now going to be thrown out, 100%. And we’ll see what happens.”

“We’ll see whether or not we have a closure during the Biden administration,” he added. “But if it’s going to take place, it’s going to take place during Biden, not during Trump.”

On the brink of a government shutdown, Trump has put Republican Speaker of the House Mike Johnson in a bind after his criticisms pushed Johnson to scrap a government spending bill that would have allocated three months of federal funding to keep the government open. Republican leaders then introduced a slimmed-down bill that, at the behest of Trump, would suspend the debt ceiling for two years until Jan. 30, 2027. With 38 Republicans voting ‘no’ on the bill, it, too, failed.

Now in the final hours before a looming shutdown, Republicans could try to pass another stopgap spending bill that would kick the can on other provisions into the holidays or revise the plan to include conservative-friendly provisions like extending farm and disaster aid, while nixing debt-limit measures.

Breaking from party lines

Trump’s insistence on raising and even abolishing the debt ceiling runs counter to his party, which has historically opposed raising the debt limit out of concern for it enabling bloated budgets and increased government spending. Should Congress agree on a spending plan while Biden is still in office, Trump would, in his eyes, avoid blame for government borrowing. Congress agreeing on a spending bill now would also help lighten Trump’s load when he first enters office next month, particularly as he seeks to extend his Tax Cuts and Jobs Act enacted in 2017 in his first term.

This isn’t the first time Trump has called for eliminating the debt ceiling. In 2017, the then-president said “there are a lot of good reasons” to abolish the limit. He entered into a “gentleman’s agreement” with then-Senate Minority Leader Chuck Schumer, but nothing came of the initial efforts. 

The U.S. last reached the debt ceiling in January 2023, at which point Treasure Secretary Janet Yellen enacted temporary “extraordinary measures” to ensure the country did not default on its debt. Similarly, if the debt limit is triggered on Jan. 1, the Treasury Department will once again call on those measures, which would push the default deadline into summer 2025, well within Trump’s administration—the situation the president-elect is trying to avoid.

The most recent major government shutdown happened under Trump’s watch in 2018, when a 35-day partial shutdown resulted in an $11 billion loss and shaved off 0.2% of the U.S.’s annual growth forecasts, according to the Congressional Budget Office. The shutdown impacted about 800,000 government workers.

When asked for comment, the Trump-Vance transition team directed Fortune to Trump’s Friday morning Truth Social post: “Congress must get rid of, or extend out to, perhaps, 2029, the ridiculous Debt Ceiling. Without this, we should never make a deal. Remember, the pressure is on whoever is President.”

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter will deliver clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
About the Author
Sasha Rogelberg
By Sasha RogelbergReporter
LinkedIn iconTwitter icon

Sasha Rogelberg is a reporter and former editorial fellow on the news desk at Fortune, covering retail and the intersection of business and popular culture.

See full bioRight Arrow Button Icon

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Politics

greg
Personal FinanceAviation
Mamdani’s New York is coming to tax your private jet. Here’s how to prepare
By Greg RaiffMay 16, 2026
6 minutes ago
new mexico
North AmericaNew Mexico
New Mexico is raking in oil profits from Iran War, gaining $59 million for every $1 added to the price of a barrel
By Morgan Lee and The Associated PressMay 15, 2026
18 hours ago
boeing
LawBoeing 737 Max
Jury awards $49.5 million to family of 24-year-old who died in Boeing 737 Max crash in 2019
By Rio Yamat and The Associated PressMay 15, 2026
19 hours ago
ratcliffe
PoliticsCuba
CIA director traveled to Cuba and met with Raul Castro’s grandson, officials confirm
By Andrea Rodriguez, Eric Tucker and The Associated PressMay 15, 2026
19 hours ago
leo
EuropeReligion
Pope Leo warns of ‘spiral of annihilation’ as AI warfare leads to symphony of destruction
By Nicole Winfield, Paolo Santalucia and The Associated PressMay 15, 2026
19 hours ago
osborn
PoliticsElections
Democrats are looking for conservative versions of Bernie Sanders in states like Nebraska and Alaska
By Steve Peoples, Mike Catalini and The Associated PressMay 15, 2026
20 hours ago

Most Popular

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
Politics
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
By Jake AngeloMay 12, 2026
4 days ago
Despite having a $165 million net worth, Scarlett Johansson says work-life balance doesn’t exist—and the first step to success is admitting that
Success
Despite having a $165 million net worth, Scarlett Johansson says work-life balance doesn’t exist—and the first step to success is admitting that
By Preston ForeMay 13, 2026
3 days ago
Nearly 50,000 Lake Tahoe residents have to find a new power source after their energy source looks to redirect lines to data centers
Travel & Leisure
Nearly 50,000 Lake Tahoe residents have to find a new power source after their energy source looks to redirect lines to data centers
By Catherina GioinoMay 12, 2026
4 days ago
Current price of oil as of May 15, 2026
Personal Finance
Current price of oil as of May 15, 2026
By Joseph HostetlerMay 15, 2026
21 hours ago
The airplane fuel shortage is a myth propagated by airlines who want to cancel unprofitable flights, says private jet CEO
Energy
The airplane fuel shortage is a myth propagated by airlines who want to cancel unprofitable flights, says private jet CEO
By Jim EdwardsMay 14, 2026
2 days ago
Top economist says $39 trillion national debt leaves government worse prepared for recession than ever
Economy
Top economist says $39 trillion national debt leaves government worse prepared for recession than ever
By Eva RoytburgMay 14, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.