default
What House Republicans got in return for pushing the US to the brink
House Republicans pushed the U.S. to the edge of a fiscal crisis because they wanted deep cuts in government spending. So, based on the tentative deal announced on May 27, 2023, how did they do? In broad strokes, the deal would suspend the debt limit until January 2025, freeze nondefense discretionary funding at current levels […]
Treasury secretary pinpoints June 5 as earliest date for U.S. debt default
This story was updated to include Treasury Secretary Janet Yellen’s latest estimates on a debt limit deadline. WASHINGTON — Republicans in Congress and the Biden administration have until at least June 5 to broker and enact a debt limit bill under new estimates from the Treasury Department, giving negotiators a few more days before the […]
With debt default as soon as a week away, U.S. House jets off for holiday break
WASHINGTON — U.S. House members walked down the steps of the Capitol building Thursday morning to head back to their districts for a Memorial Day recess exactly one week before the country could default on the debt. House Democrats took to the floor after the final vote of the week to give a series of […]
Biden says he’s offered $1 trillion in spending cuts but GOP won’t budge on debt limit
WASHINGTON — President Joe Biden said Sunday his administration has offered $1 trillion in spending cuts as part of the ongoing talks with Republicans around a budget agreement, but he said no deal has yet been reached. Biden, speaking from Japan during a press conference following the G7 summit, said his administration wants House Speaker […]
A default on the U.S. debt would be far worse than a government shutdown. Here’s how.
WASHINGTON — A U.S. default on its debt would have a significantly broader impact on federal operations, financial markets and the global economy than recent government shutdowns that have left ordinary Americans largely untouched. While the two have been confused frequently during debate over the debt limit, the federal government has had considerable practice with […]
Biden vows debt ceiling talks will continue while he’s overseas at G7 summit
WASHINGTON — President Joe Biden will remain in “constant contact” with debt ceiling negotiators and promised to update the nation Sunday upon his return from a shortened trip to Asia for the G7 economic summit. Biden delivered brief remarks Wednesday before departing on a scheduled trip to Japan that will no longer include stops in […]
Bipartisan former members of Congress call for boost in funding to secure elections
WASHINGTON — A bipartisan group of former U.S. lawmakers on the National Council on Election Integrity called on Congress on Friday to spend $400 million on election integrity to insulate the system from foreign interference. “The Department of Homeland Security designated our election system as critical infrastructure in 2017,” the four wrote in a letter. […]
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 […]
Bipartisan group predicts U.S. debt default as soon as summer, depending on tax receipts
WASHINGTON — A bipartisan think tank expects that the United States will default on its debt in the summer or early fall, if Congress doesn’t take action to address the debt limit before then. The timeline is similar to one the nonpartisan Congressional Budget Office released last week, saying lawmakers have until sometime between July […]
U.S. hits debt limit and Treasury Department begins ‘extraordinary measures’
WASHINGTON — The nation reached its debt limit Thursday, beginning the uncertain process known as extraordinary measures, in which the U.S. Treasury Department uses accounting maneuvers to avoid defaulting on the debt. The often-used practice is intended to give the Republican House, Democratic Senate and Biden administration time to negotiate a bipartisan agreement to raise […]
McCarthy flips GOP holdouts as his campaign for U.S. House speaker gathers speed
WASHINGTON — Kevin McCarthy’s campaign to become speaker of the U.S. House will stretch into at least Friday night, as the California Republican inched ahead in his struggle to unite his divided party around his candidacy and an overhaul of rules under which the chamber will operate. “We’ll come back tonight, and I believe at […]