Tag: debt ceiling

Democrats warn that Congress is still facing the threat of a shutdown at the end of the year, despite an agreement on the Federal budget. The agreement earlier this month between House Republicans and the Democrats was supposed to create a bipartisan framework for annual spending bills that would take a government shutdown off the table. Congress may have avoided ...

Democrats have introduced a bicameral proposal to overhaul the debt ceiling process, leaning heavily into the recent default scare to push a bill that would essentially let Treasury ignore the debt cap and continue writing cheques with no limit. The Debt Ceiling Reform Act, introduced jointly on Friday by Rep. Brendan Boyle (D-Pa.) and Sen. Dick Durbin (D-Ill.), authorizes the ...

“For capitalism to work, you have to have effectively functioning, solid capital markets. And in order to do that, you need savings—real savings, not money printed by a central bank, but real savings from businesses and households,” says David Stockman, who served as budget director for President Ronald Reagan. “Back then, the public debt was 30-40 percent of GDP—not good, but ...

“For capitalism to work, you have to have effectively functioning, solid capital markets. And in order to do that, you need savings—real savings, not money printed by a central bank, but real savings from businesses and households,” says David Stockman, who served as budget director for President Ronald Reagan. “Back then, the public debt was 30-40 percent of GDP—not good, but ...

The U.S. House of Representatives passed bipartisan legislation to suspend the nation’s debt limit through Jan. 1, 2025, despite vocal opposition on both sides of the aisle. The Fiscal Responsibility Act, a fiscal package put together by President Joe Biden, House Speaker Kevin McCarthy (R-Calif.), and their teams of negotiators, overwhelmingly cleared the lower chamber with a 314-117 vote. More ...

The U.S. debt ceiling agreement established by President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) during the Memorial Day long weekend cleared a critical hurdle that will allow House lawmakers to vote on the deal. The House Rules Committee passed it with a vote of 7 to 6, advancing the debt limit bill—the Fiscal Responsibility Act—to the congressional floor ...

The United States will still be “careening towards bankruptcy” after President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) reached an agreement to raise the debt ceiling by $4 trillion, says Gov. Ron DeSantis (R-Fl.) in a new interview. The 2024 presidential candidate appeared on “Fox & Friends” on Memorial Day and was asked about the potential fracture in the ...

Sen. Lindsey Graham (R-S.C.) warned House Speaker Kevin McCarthy (R-Calif.) that China would be the beneficiary of the U.S. defense budget proposed in the tentative debt ceiling deal. “I respect Kevin McCarthy. I want to raise the debt ceiling. It would be irresponsible not to do it. I want to control spending. I’d like to have a smaller IRS. I’d ...

President Joe Biden championed the new bipartisan budget agreement to avoid a default on the national debt, saying it “prevents the worst possible crisis.” The administration and House Republican leaders looked to garner support for a tentative deal to increase the country’s borrowing limit amid ballooning government debt following weeks of intense negotiations. Following the announcement that both sides reached ...

House Minority Leader Hakeem Jeffries (D-N.Y.) was noncommittal on whether Democrats would support a debt ceiling deal negotiated between Republicans and the White House. On the evening of May 27, Speaker of the House Kevin McCarthy (R-Calif.) announced during a press conference that he and President Joe Biden had reached what he called “an agreement in principle that’s worthy of ...

The White House and House Republicans have reached an agreement in principle, House Speaker Kevin McCarthy announced on Saturday evening. “We still have a lot of work to do. But I believe this is an agreement in principle that’s worthy of American people,” McCarthy told reporters on Capitol Hill. “That’s historic reductions in spending, consequential reforms that will lift people out ...

House Speaker Kevin McCarthy (R-Calif.) declared on May 25 that he will stay in Washington, D.C. “for as long as it takes” in an effort to come to an agreement on the debt ceiling that’s “worthy of the American people.” McCarthy took to Twitter amid the ongoing political deadlock where he penned, “I’m staying in DC to fight for an agreement that’s ...

President Joe Biden says he believes he can raise the debt ceiling unilaterally under the 14th Amendment even without GOP support. “I’m looking at the 14th Amendment as to whether or not we have the authority —I think we have the authority,” Biden said during a May 21 press conference at the Group of Seven (G-7) summit in Hiroshima, Japan. ...

Biden is expected to call McCarthy on the way to Washington to resolve the debt ceiling standoff Hiroshima, JAPAN—President Joe Biden took aim at Republicans, claiming that he had done his part in debt ceiling negotiations and that it was now up to them to “move from their extreme positions.” During a press conference held after the Group of Seven ...

Debt ceiling debate between White House and GOP heats up over weekend, with both sides trading criticism HIROSHIMA, Japan—President Joe Biden has asked his negotiators to coordinate a call with House Speaker Kevin McCarthy for Sunday morning, U.S. time, after he concludes his G7 meetings on the last day of the summit in Japan. The White House has engaged in ...

Commentary Some Senate Democrats are urging President Joe Biden to “use” the 14th Amendment to raise the debt limit by executive decree. For example, Elizabeth Warren (D-Mass.) stated: “The 14th Amendment is not anyone’s first choice. The first choice is that the Republicans raise the debt ceiling because the United States government never, ever, ever, ever defaults on its legal ...

House Speaker Kevin McCarthy said on Monday that debt limit talks with Democrats and President Joe Biden are “not in a good place,” saying that Biden had delayed talks for 100 days. A debt ceiling meeting has been scheduled for 3 p.m. ET on Tuesday. The meeting was originally set for last Friday but was postponed. Adding to the pressure, Treasury Secretary ...