debt limit

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Biden Makes Ask of Americans in First Oval Office Speech

'Lower the temperature,' the president implores after talking about 'crisis averted' on debt ceiling

(Newser) - President Biden gave his first speech to the public from the Oval Office on Friday evening, and it centered on the debt ceiling deal approved by the House and Senate this week that will keep the United States out of default. "Crisis averted," Biden declared of the agreement...

Did Biden 'Outfox' McCarthy? Vote Count May Tell the Tale

If House speaker needs lots of Democrats to raise debt ceiling, it doesn't bode well for him

(Newser) - The House votes Wednesday night on a deal to avoid a potentially calamitous default , and both Republicans and Democrats say the measure will pass. But a new DC drama has emerged about what the final vote tally will be—and the ramifications for House Speaker Kevin McCarthy in particular. Coverage:...

Debt Deal: True Market Relief, or a 'Short-Lived Sugar High'?

As agreement on raising debt ceiling heads to Congress, varying thoughts on what comes next

(Newser) - An agreement has been reached , at least in principle, by President Biden and House Speaker Kevin McCarthy on raising the nation's debt limit, and now the final OK is in Congress' hands. Both progressive Democrats and ultra-conservatives are already pushing back on the deal , and if Biden and McCarthy...

Biden, McCarthy Say They're Close to Debt Deal

'We knew this would not be easy,' McCarthy says

(Newser) - Days from a deadline, President Biden and House Speaker Kevin McCarthy are narrowing in on a two-year budget deal aiming to curb federal deficits in exchange for lifting the nation's debt ceiling and staving off an economically devastating government default. The Democratic president and Republican speaker hope to strike...

Fitch Issues Warning on America's Credit Rating

Agency says move 'reflects increased partisanship' in debt limit talks

(Newser) - With a potential debt default now less than a week away, Fitch Ratings has put America's AAA credit rating on negative watch, meaning a downgrade is possible. Fitch made the same move during a previous debt-limit standoff a decade ago under then-President Obama's administration. The ratings agency said...

Biden Tells World Leaders US Will Avoid Debt Default

He apologizes for skipping Australia visit

(Newser) - President Biden tried to reassure world leaders on Saturday that the United States would not default as he consulted with the heads of Australia, Japan, and India in a meeting of the so-called Quad partnership that had been hastily rescheduled because of the debt limit standoff back in Washington. Hoping...

Amid Debt Talks, Biden Curtails Foreign Trip

He's skipping Australia, Papua New Guinea

(Newser) - Debt-limit talks shifted into an encouraging new phase Tuesday as President Biden and House Speaker Kevin McCarthy named top emissaries to negotiate a deal to avert an unprecedented national default. The president said he's curtailing his upcoming trip to the Indo-Pacific, scrapping what was to be a historic stop...

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,...

Big Political Fight Everyone Predicted Is Getting Underway

Treasury's Yellen says the US is about to hit debt limit, prelude to showdown in Congress

(Newser) - In other years, it might be a humdrum political matter: Treasury chief Janet Yellen told Congress on Friday the nation will hit its debt limit on Thursday, reports Politico . This year, however, the warning is expected to begin what promises to be a protracted and high-stakes fight between the White...

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...

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....

Jack Lew: US About to Default on Its Debt

Treasury secretary asks Congress to extend the debt limit

(Newser) - US Treasury Secretary Jack Lew sent a message to Congress today: To wit, we need more money, and fast. Lew warned lawmakers that they'd better raise the country's borrowing limit before the current debt-limit suspension expires on Friday and reinstates a $16.7 trillion cap, the BBC reports....

As Default Looms, Investors Scurry to Unload US Bonds

Banks steer clear of short-term US debt

(Newser) - Worried over the possibility of default, investors and banks aren't taking chances: They're selling off billions of dollars of US debt, the Wall Street Journal reports. Banks have cut their government debt holdings by some 50% in the past two weeks, New York's Federal Reserve says. Additionally,...

Shutdown Deal Near? Tone Still Hopeful

More meetings today amid signs of progress

(Newser) - So will the week end with a Capitol Hill deal to reopen the government and avoid a default, or at least set the stage for a weekend breakthrough? Signs of progress remain promising , but as Politico puts it, "there’s no one dancing in the West Wing end zone"...

Dems Put Forward Debt Limit Measure

Senators fear White House edging toward negotiations

(Newser) - President Obama and Senate Democrats have put a long-term measure to raise the debt ceiling on the table. The legislation would boost the debt ceiling by $1 trillion, the Washington Post reports—though Dems say in order to avoid default, they might OK a short-term solution instead, even if it...

House GOP Mulls New Route to Avoiding Shutdown

ObamaCare fight could be tied to debt-limit measure instead

(Newser) - Now that the Senate has voted to open debate on a bill to fund the government, Harry Reid can remove its measures to defund ObamaCare before returning it to the House. But that doesn't mean the GOP is giving up on the fight. John Boehner could approve the bill,...

Lew: US Will Hit Debt Ceiling in October

Warns Congress it must act 'as soon as possible' to raise limit

(Newser) - Treasury Secretary Jacob Lew has given Congress until mid-October to raise the debt ceiling. That's when he predicts the Treasury will run out of "extraordinary measures" to avoid going over the $16.7 trillion borrowing limit. In a letter to lawmakers today, Lew urged them to act "...

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