debt ceiling

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Biden Plan Goes in Opposite Direction of GOP Wishes

President unveils budget proposal calling for higher spending, plus tax increases

(Newser) - President Biden unveiled the third budget of his presidency on Thursday. If you're tempted to get deep in the weeds on its details, be aware of one crucial detail: It "has no chance of becoming reality," writes Jim Tankersley at the New York Times . Still, the $6....

CBO Says Debt Ceiling Crisis Could Be Here by July

Agency says debt will grow by another $19T within the next decade

(Newser) - A crisis over America's debt ceiling could be here by July—or even sooner, if tax revenues received in April are below expectations, the Congressional Budget Office warned Wednesday. The nonpartisan federal agency said the Treasury Department's emergency measures to avoid a default on America's debt will...

Biden's Jab at Trump Met With Republican Jeers
Marjorie Taylor Greene
Calls Out, 'Liar!'
state of the union

Marjorie Taylor Greene Calls Out, 'Liar!'

She objects to Biden's claims that the GOP is going after Medicare and Social Security

(Newser) - Things got a little testy in the House as President Biden made his pitch for Congress to lift the debt ceiling to avoid default. Biden said Republicans lifted the ceiling three times for former President Trump "without preconditions or crisis," per the New York Times . "Tonight, I’...

Biden, McCarthy Start Debt Ceiling Talks
Biden, McCarthy
Make 'No Promises'

Biden, McCarthy Make 'No Promises'

Both sides describe debt ceiling meeting as a frank exchange of views

(Newser) - President Biden and House Speaker Kevin McCarthy held their first session about raising the nation's debt ceiling on Wednesday, and both described the talks later with the sort of diplomatic wording that would, were it a negotiation with a foreign adversary, make everyone nervous. The two had a "...

There Will Be No Default, McCarthy Says

Like Biden, speaker says he won't back cuts to Social Security, Medicare

(Newser) - Saying he'll meet with President Biden on Wednesday, House Speaker Kevin McCarthy on Sunday discounted the chances of the US defaulting on its debt. The two will look for a "reasonable and responsible" way to lift the debt ceiling and cut spending, McCarthy said on CBS' Face the ...

Democrats May Have to Deal With GOP on Debt Ceiling

Manchin says he has no interest in going with Republicans on Social Security cut

(Newser) - The White House hasn't budged on negotiating with congressional Republicans over the debt ceiling—it's a "no"—but political professionals in both parties suggest talks will take place anyway. "Like the president has said many times, raising the debt ceiling is not a negotiation; it...

Janet Yellen: Forget About Minting a $1T Coin

Treasury chief throws cold water on unusual solution to debt-limit standoff

(Newser) - Another debt-ceiling standoff is upon us, which means a bizarre-sounding idea is once again in circulation: Mint a $1 trillion coin to pay the nation's debts. Treasury chief Janet Yellen, however, suggests advocates should forget it because the nation's central bank probably would not accept such a coin,...

Trump Advice May Put Republicans in 'Political Corner'

Former president warns GOP not to go after Social Security, Medicare in debt ceiling fight

(Newser) - The potentially calamitous fight over the debt ceiling has begun, and former President Trump weighed in emphatically on Friday with advice to his fellow Republicans. “Under no circumstances should Republicans vote to cut a single penny from Medicare or Social Security,” Trump said in a video posted to...

Today's the Day for an Unwanted Milestone
Today's the Day
for an Unwanted Milestone

Today's the Day for an Unwanted Milestone

US set to hit borrowing limit on Thursday, spurring what's likely to be a contentious debt-ceiling fight

(Newser) - Today's a milestone day for the Treasury Department, though it's one it had hoped wouldn't arrive. Thursday marks when the United States is expected to hit its $31.4 trillion debt cap, a borrowing limit set by Congress that means Treasury will now have to get creative...

Schumer on Debt Ceiling Raise: Americans 'Can Breathe Easy'

Congress passes $2.5T increase, avoiding default through at least early 2023; most of GOP opposes

(Newser) - President Biden has a new bill on his desk to sign. The legislation provides for a $2.5 trillion increase in the debt ceiling, bringing that number to $31.4 trillion and avoiding a first-ever federal default right at the Wednesday deadline warned of by Treasury Secretary Janet Yellen, reports...

McConnell Helps Engineer 'Unusual' Deal on Debt Limit
Senate Clears Way
to Raise Debt Ceiling

Senate Clears Way to Raise Debt Ceiling

14 Republicans, including McConnell, vote with Democrats

(Newser) - Update: The Senate approved a one-time deal for raising the debt ceiling on Thursday. The measure passed with the help of 14 Republicans, the New York Times reports. A simple majority vote now will increase the borrowing limit; Democrats won't need any Republican votes. Minority Leader Mitch McConnell voted...

Dems Slam 'Lousy Deal,' Pass Debt Limit Extension

Congress will have to revisit issue in 7 weeks

(Newser) - The House has approved a short-term extension of the nation's debt limit, postponing the danger of an unprecedented debt default until early December. President Biden is expected to sign the legislation, which was approved by the Senate in a party-line vote last week, Politico reports. The $480 billion measure,...

Schumer Confirms Agreement on Debt Ceiling, for Now
Debt Ceiling
Deal Clears

Debt Ceiling Deal Clears Senate

We're good until December

(Newser) - Update: The Senate dodged a US debt disaster Thursday night, voting to extend the government’s borrowing authority into December and temporarily avert an unprecedented federal default that experts warned would devastate the economy and harm millions of Americans. The vote of 50-48 in support of the bill to raise...

Democrats Say They'll Take Deal on Debt Limit

Mitch McConnell offered short-term extension

(Newser) - Update: Both sides claimed victory Wednesday after Democratic senators agreed to accept Senate Minority Leader Mitch McConnell's offer of a short-term deal on raising the debt limit, Politico reports. After a closed-door caucus meeting, Senate Democrats said they were prepared to accept the Republican's offer of an emergency...

Under Quirky Law, We Really Could Mint a $1T Coin

'Gimmick' floated as one solution to the debt-ceiling impasse

(Newser) - Some politicians think they've found a silver bullet for the impasse over the debt limit, except the bullet is made of platinum: Mint a $1 trillion coin and use it to flood the treasury with cash. Even its serious proponents— Paul Krugman is one of them —call it...

Biden Surprises Reporters With Remark on Filibuster

He says rule change to raise debt limit is a 'real possibility'

(Newser) - To get around Republican obstruction, President Biden said Tuesday that Democrats are considering a change to the Senate's filibuster rules in order to quickly approve lifting the nation's debt limit and avoid what would be a devastating credit default. "It’s a real possibility," Biden told...

Biden Tells GOP to 'Get Out of the Way' on Debt Limit

McConnell says Dems must handle issue alone

(Newser) - President Biden on Monday urged Republican senators to “get out of the way” and let Democrats suspend the nation’s debt limit, hoping to keep the US government from bumping dangerously close to a credit default as Senate Republican Leader Mitch McConnell refuses to lend his party’s help....

Senate GOP Thwarts Bill to Avoid Shutdown

Republicans block Democrats in first round of a critical week

(Newser) - Republicans in the Senate thwarted a Democratic attempt to suspend the debt limit and head off a government shutdown on Monday night. The vote on a procedural measure to keep the legislative alive was along party lines, CNN reports, 48-50. Approval required 60 votes. Majority Leader Chuck Schumer switched his...

Shutdown Looms as House Races to Vote on Funding Bill

Dems cut $1B in 'Iron Dome' funding

(Newser) - The House rushed headlong Tuesday into a vote on legislation to fund the government, suspend the federal debt limit, and provide disaster and refugee aid, forcing a showdown with Republicans who oppose the package despite the risk of a fiscal crisis. The federal government faces a shutdown if funding stops...

We Have $272B in Cash. It'll Be Gone Sooner Than We Thought

CBO says we'll hit debt limit earlier than expected

(Newser) - That the debt ceiling needs to be raised beyond its current level of $20.5 trillion isn't news; that it needs to be done by the first half of March is. The Congressional Budget Office on Wednesday drew the line in the sand there thanks to the new tax...

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