President Joe Biden says progress has been made in talks with top Republican Kevin McCarthy over the US debt ceiling – even as Congress breaks up for a holiday weekend. The pair aim to reach a deal on raising the government borrowing limit for two years so it can keep paying its bills. A debt […]
Tag: debt limit
Biden says he is ‘blameless’ if US defaults on debt
President Biden would be blameless in the event that the U.S. defaults on its debt in the coming days, the president declared Sunday. Biden made the claim during a news conference in Hiroshima, Japan, where he had traveled for meetings with G-7 nations. Republicans in Congress forced Biden to the negotiating table after months of […]
Biden & Mccarthy to meet About Debt ceiling
As President Biden and House Speaker Kevin McCarthy prepare to square off over the debt ceiling Tuesday at the White House, it’s clear something will have to give in order for the government to avoid a financial crisis. The question is, who will blink first? Both sides remain far apart on a deal with just […]
Biden calls debt limit debate a “manufactured crisis’
President Joe Biden is standing firm on debt ceiling negotiations and hitting out at MAGA Republicans who said they will refuse to back a deal without a series of spending cuts. Biden is set to meet with the four congressional leaders next week in an attempt to reach agreement to increase the debt limit in […]
Yellen says U.S. will default on it’s debt by June 1
Treasury Secretary Janet Yellen warned lawmakers Monday that the federal government could run short of money to pay its bills as early as June 1 unless the debt ceiling is raised soon. Yellen acknowledged the date is subject to change and could be weeks later than projected, given that forecasting government cash flows is difficult. […]
Market will have to crash for Congress to raise debt limit
There’s one way to force President Joe Biden and Congress to solve the looming crisis over the debt limit: a financial market crash. That’s a view held by several economists and a former White House official, mindful that Congress rarely acts unless an emergency forces lawmakers to. “For that drama not ending in tragedy, key […]
Yellen Warns of ‘Irreparable Harm’ as Debt Limit nears
Treasury Secretary Janet Yellen notified Congress on Friday that the U.S. is projected to reach its debt limit on Thursday and will then resort to “extraordinary measures” to avoid default. In a letter to House and Senate leaders, Yellen said her actions will buy time until Congress can pass legislation that will either raise the […]
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. […]