Debt ceiling
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 […]
Economist warns that ‘heightened dysfunction’ in Congress raises risk of debt default
WASHINGTON — Economists on Tuesday urged Congress to address the debt limit quickly, cautioning that simply because U.S. lawmakers have successfully brokered deals before doesn’t mean they will be able to this year. “There is a temptation to brush off the developing debt limit drama, thinking it will end the same way as the others […]
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. likely to default on debt between July and September unless Congress acts, CBO says
WASHINGTON — Congress has until at least July to broker a bipartisan debt agreement if lawmakers want to avoid a first-ever default, according to the Congressional Budget Office. The nonpartisan scorekeeper, which typically details how much legislation would cost, released a report Wednesday saying that U.S. lawmakers and the Biden administration have until sometime between […]
U.S. House speaker calls for ‘responsible’ debt limit legislation, shares few details
WASHINGTON — U.S. House Speaker Kevin McCarthy on Monday said the greatest threat to the nation’s future is the rising national debt, though he gave few specifics for how he planned to lower deficit spending or avoid a first-ever default on the debt this year. The California Republican, in a 10-minute address from the U.S. […]
Biden, McCarthy hold ‘productive’ and ‘frank’ debt limit talks as fiscal cliffs loom
WASHINGTON — President Joe Biden and U.S. House Speaker Kevin McCarthy huddled behind closed doors at the White House on Wednesday in the first of what will likely be several conversations as the country approaches two fiscal cliffs this year amid divided government. The top issue at the moment is when and how to address […]
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 […]
U.S. to hit debt limit much sooner than expected, thrusting Congress into showdown
WASHINGTON — The U.S. government will hit its borrowing limit next week, forcing the new, divided Congress into negotiations over the debt limit much sooner than expected, though a potential date for the nation to default isn’t expected until this summer. Treasury Secretary Janet Yellen wrote to Congress on Friday afternoon, telling leaders the United […]