debt ceiling

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McConnell, McCarthy Align on Debt Ceiling

Senator says he told Biden to reach a deal with speaker

(Newser) - Senate Republican leader Mitch McConnell has worked with President Biden before to avoid debt limit catastrophe, but he's yielding to the gentleman from California this time. McConnell told Politico he's informed the president he'll have to negotiate a solution with House Speaker Kevin McCarthy. "In the...

Poll: If US Defaults, Neither Side Avoids Blame

Americans evenly split on whether Biden or Republicans are at fault

(Newser) - Based on a new ABC News/Washington Post poll, Americans are divided on which political party would be to blame if the federal government defaulted on its debts, reports Politico . A slight plurality of respondents—39%—would hold congressional Republicans responsible. However, the Biden administration didn't get off unscathed, as...

Biden Calls Meeting as Yellen Issues Default Warning

President asks congressional leaders to White House

(Newser) - Unless Congress does something about the debt ceiling quickly, the federal government could run out of money to pay its bills by June 1, Treasury Secretary Janet Yellen said Monday. Her estimate adds pressure to lawmakers and President Biden to reach a deal to raise or suspend the debt limit,...

Biden Holds Line on Talks, but Cracks Are Emerging

Some House Democrats ask him to sit down with Kevin McCarthy on debt ceiling

(Newser) - The Treasury Department will soon issue updated guidance on how long the US can keep operating before it defaults on its debt , a development that would be both unprecedented and potentially catastrophic, reports the Wall Street Journal . In the meantime, Axios notes that a divide is growing within the Democratic...

House GOP Passes Debt Bill, Trying to Pressure Biden

Democratic leader calls package 'unconscionable'

(Newser) - House Republicans passed sweeping legislation Wednesday that would raise the government's legal debt ceiling by $1.5 trillion in exchange for steep spending restrictions, a tactical victory for Speaker Kevin McCarthy as he challenges President Biden to negotiate and prevent a catastrophic federal default this summer. The bill passed...

Biden Rips GOP Priorities as McCarthy Unveils Debt Package

Legislation has little chance, but speaker uses plan to pressure White House

(Newser) - House Speaker Kevin McCarthy unveiled a sweeping package Wednesday that would raise the nation's debt limit by $1.5 trillion into next year while imposing a long list of Republican priorities. They include new spending caps, work requirements for recipients of government aid, and others that are sure to...

McCarthy Attaches Big Asterisk to Debt Talks

He demands White House cap future federal spending, accused Biden of 'hiding' on issue

(Newser) - House Speaker Kevin McCarthy pledged on Monday to pass legislation to raise the nation's debt ceiling—but only on condition of capping future federal spending increases at 1%—as he lashed out at President Biden for refusing to engage in budget-cutting negotiations to prevent a debt crisis. In a...

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&#39;s Jab at Trump Met With Republican Jeers
Marjorie Taylor Greene
Calls Out, 'Liar!'
state of the union
Feb 7, 2023 9:27 PM CST

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'
Feb 1, 2023 7:05 PM CST

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&#39;s the Day for an Unwanted Milestone
Today's the Day
for an Unwanted Milestone
THE RUNDOWN
Jan 19, 2023 9:05 AM CST

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 &#39;Unusual&#39; Deal on Debt Limit
Senate Clears Way
to Raise Debt Ceiling
updated
Dec 9, 2021 7:15 PM CST

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
Senate
UPDATED
Oct 7, 2021 7:47 PM CDT

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...

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