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With U.S. at Debt Ceiling, Rating Agencies Are Upbeat

Credit arbiters expect Congress to reach an agreement on the debt limit before it becomes a problem.

By Liz Capo McCormick, Bloomberg | Updated on May 22, 2017

Lost amid the political chaos swirling around the Trump administration is the failure of Congress to authorize an increase in the nation’s ability to borrow.

As partisan fighting over the administration’s links to Russia escalates, lawmakers have yet to craft legislation that lifts the debt ceiling following the March expiration of a 2015 pact to suspend the threshold. Since then the Treasury Department has used what it calls “ extraordinary measures,” such as deferring payments to federal retirement accounts, to avoid breaching the cap. Senate Majority Leader Mitch McConnell has said Congress will raise the limit, yet he hasn’t indicated when.

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