President Biden praised a bipartisan agreement that raised the debt ceiling and averted a calamitous debt default in a rare Oval Office speech Friday. He outlined how close the economy was to being thrown into a recession. He said millions of Americans would have lost their jobs. “There were extreme voices threatening to take America, […]
Tag: debt ceiling
Senators gear up for chaos in post-recess return
Lawmakers and party leadership will be forced to grapple with the debt ceiling’s ticking time bomb and a host of shifting political dynamics when the Senate returns from its May recess on Tuesday. Top of mind for the Senate is the bill that House negotiators brokered with the White House to end the debt limit […]
Biden, Mccarthy strike a deal on debt ceiling
An agreement in principle was reached Saturday between House Republican leaders and the White House that would prevent the government from breaching debt ceiling and failing to meet all its obligations. The deal would claw back some unspent COVID-19 pandemic funds and provide a cut from funding granted the IRS in President Biden’s Inflation Reduction […]
Yellen says debt ceiling deadline is now June 5th
Treasury Secretary Janet Yellen on Friday estimated the new date when the country will reach the debt ceiling is June 5. “Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government’s obligations if Congress has not raised or suspended the debt limit by June 5,” […]
Biden thinks he has the authority to invoke 14th
President Biden on Sunday said he believes he has the authority to use the 14th Amendment to unilaterally address the debt ceiling, but he acknowledged potential legal challenges could still lead the nation to default if he went that route. “I’m looking at the 14th Amendment as to whether or not we have the authority […]
Why is Biden holding up debt ceiling talks?
Even as he reassures the public that there won’t be a national default, President Joe Biden still faces big headaches over the debt ceiling. House Republicans are proposing new work requirements for social benefit programs, nixing the president’s massive student debt transfer, and eliminating green energy-related tax credits in order to raise the debt limit, […]
Looming Debt ceiling deadline causing concern
The deadlock between Democrats and Republicans over raising the debt ceiling has gone on for months, and the stakes could not be higher. If an agreement is not reached by as soon as 1 June, the United States could default on its bond payments and other obligations, with potentially catastrophic implications for the economy. There […]
Some Dems want Biden to make a budget deal
As House Republicans are teeing up a vote this week on a debt ceiling plan that includes $4.5 trillion in spending cuts, some Democrats in Congress are calling on President Joe Biden to restart negotiations with House Speaker Kevin McCarthy, R-Calif., at least on the federal budget. “He should negotiate on the budget. That is […]
Debt ceiling alarm bells ring in DC today
Every American could get hurt if the new hardline Republican House’s dangerous game of roulette with a still vulnerable economy backfires. The nation reaches a first, critical threshold Thursday in the brewing Washington showdown over the national debt that could define the tenure of the new GOP majority and the final two years of President […]
Biden, House GOP at Loggerheads over debt ceiling
The Biden administration and House Republicans are heading toward an initial Thursday debt ceiling deadline without even a hint of an endgame, ensuring a months-long standoff that’s poised to rattle financial markets amid worries about a recession this year. The two sides are effectively shrugging as the Treasury Department warns the country will hit the […]
Gear up for a debt ceiling fight in congress
The Republican-controlled House has planted the seeds for a debt-ceiling showdown, with Speaker Kevin McCarthy endorsing a push by his hard-liners to demand spending cuts as part of any extension of the country’s borrowing authority. The political divide is deep and the stakes are high. Ultraconservative lawmakers insist they don’t want the country to default, […]
The U.S. will hit its debt ceiling within days
Hitting the national debt ceiling is a major worry for Washington right now. On Friday, Treasury Secretary Janet Yellen warned that the U.S. is on track to reach the debt limit, or the cap on how much money the federal government can borrow, by Thursday. The ceiling was last raised by $2.5 trillion in December […]