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 […]
Tag: debt ceiling
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 […]
If GOP retakes control of Congress brace for a debt-ceiling fight
With Republicans poised to retake control of one or both houses of Congress in the November midterm elections, Democrats are scrambling to to find a way to avert a debt-ceiling fight that threatens to effectively undo much of what the Biden administration has accomplished in its first two years. Sen. Bernie Sanders, the independent from […]
Trump Says Debt Ceiling Is Not Necessary
President Trump meets with Senate Majority Leader Mitch McConnell, R-Ky., Senate Minority Leader Chuck Schumer, D-N.Y., House Minority Leader Nancy Pelosi, D-Calif., and other congressional leaders in the Oval Office. According to The Washington Post, Trump and Schumer have agreed to work on a plan to eliminate the debt ceiling. The debt ceiling’s days as […]
GOP Leader Says “Zero Percent Chance” Debt Ceiling Does Not Get Raised
Senate Majority Leader Mitch McConnell on Monday insisted the U.S. government will raise the debt ceiling and avoid defaulting on its debt. “There is zero chance — no chance — we won’t raise the debt ceiling. No chance,” McConnell said at an event in Kentucky with Treasury Secretary Steven Mnuchin. “America’s not going to default. […]