debt limit
Debt limit deal hits turbulence in Congress as leaders prep for vote
WASHINGTON — Congress began moving the bipartisan debt limit package forward Tuesday, though frustrations with provisions in the bill could make for narrow passage in the U.S. House and U.S. Senate. Conservative Republicans and progressive Democrats both aired their disappointment with the agreement forged over the weekend, but only GOP lawmakers are looking to possibly remove […]
After years of bipartisan spending boosts, U.S. House GOP won’t lift debt ceiling without cuts
WASHINGTON — Republicans and Democrats in Congress together brokered dozens of debt limit agreements, including several during the past decade, marked by a desire in both political parties to increase federal spending. But U.S. House Republicans now are pushing for the federal government to spend less next year than it will this year in order […]
Biden and congressional leaders fail to reach a debt limit deal, but will meet again Friday
WASHINGTON — President Joe Biden and top congressional leaders were unable to reach a bipartisan debt limit agreement during a closed-door meeting this week, leaving the dispute unresolved as the country moves closer to a default predicted as soon as early June. White House staff and aides to the four congressional leaders, however, will meet […]
Bipartisan group projects U.S. default as soon as early June, citing ‘quite low’ cash flows
WASHINGTON — The U.S. government could default as soon as next month if Congress and the Biden administration can’t reach a debt limit agreement before then, according to a new analysis from the Bipartisan Policy Center. The updated guidance, which puts the default window between early June and early August, added pressure to President Joe […]
U.S. House speaker vows vote soon on spending cuts coupled with debt limit increase
U.S. House Speaker Kevin McCarthy traveled to the New York Stock Exchange on Monday to press for the Republican approach to raising the nation’s debt limit in front of a new audience, calling on Democrats to agree to future spending cuts without any tax increases. McCarthy repeatedly criticized President Joe Biden and blamed him for […]
Experts see economic problems for U.S. as struggle over debt limit, spending cuts extends
WASHINGTON — Experts told the U.S. House Budget Committee on Wednesday the country’s economic outlook is problematic, as a fierce debate over the nation’s budget remains front and center. House Republicans, led by Speaker Kevin McCarthy of California, have repeatedly rejected raising the debt limit unless President Joe Biden agrees to a series of spending […]
Democratic report on U.S. debt default predicts disrupted benefits for seniors, veterans
WASHINGTON — Congress’ Joint Economic Committee released a report Thursday detailing the economic repercussions of defaulting on the nation’s debt, adding fuel to the fire as Democrats pressed Republicans to address the nation’s borrowing limit without tying action to spending cuts. The report, from Democratic staff on the bipartisan Joint Economic Committee, says that a […]
Biden administration details potential cuts in education, food aid and more under GOP plan
WASHINGTON — Federal departments and agencies say U.S. House Republicans’ plans to cut federal spending would result in reductions to key programs like food aid, education assistance and wildfire management. The series of letters from across the federal government released Monday detail exactly how plans to cut at least $130 billion in domestic spending during […]
Biden budget asks for 25% tax on billionaires, boosts in domestic and defense spending
WASHINGTON — President Joe Biden said Thursday he’s ready to meet with U.S. House Speaker Kevin McCarthy to hash out federal spending as soon as House Republicans release their budget, a challenging task without a firm deadline. “I’m ready to meet with the speaker anytime, tomorrow if he has his budget,” Biden said during a […]
Economist warns that ‘heightened dysfunction’ in Congress raises risk of debt default
WASHINGTON — Economists on Tuesday urged Congress to address the debt limit quickly, cautioning that simply because U.S. lawmakers have successfully brokered deals before doesn’t mean they will be able to this year. “There is a temptation to brush off the developing debt limit drama, thinking it will end the same way as the others […]
U.S. likely to default on debt between July and September unless Congress acts, CBO says
WASHINGTON — Congress has until at least July to broker a bipartisan debt agreement if lawmakers want to avoid a first-ever default, according to the Congressional Budget Office. The nonpartisan scorekeeper, which typically details how much legislation would cost, released a report Wednesday saying that U.S. lawmakers and the Biden administration have until sometime between […]
U.S. House speaker calls for ‘responsible’ debt limit legislation, shares few details
WASHINGTON — U.S. House Speaker Kevin McCarthy on Monday said the greatest threat to the nation’s future is the rising national debt, though he gave few specifics for how he planned to lower deficit spending or avoid a first-ever default on the debt this year. The California Republican, in a 10-minute address from the U.S. […]