Jennifer Shutt, Georgia Recorder Republicans and Democrats in Congress together brokered dozens of debt limit agreements, including several during the past decade, marked by a desire in both political parties to increase federal spending. But U.S. House Republicans now are pushing for the federal government to spend less next year …
Read More »Biden And McCarthy Strike Positive Tone After Debt Limit Talks, But No Deal Yet
Jennifer Shutt, Georgia Recorder President Joe Biden and Speaker Kevin McCarthy left their closely watched meeting this week without an agreement on government spending or the debt limit, prolonging a stalemate that could soon disrupt Americans’ everyday lives as well as the global economy. Both struck a positive tone, though …
Read More »Understanding the Debt Ceiling: Exploring its Significance and Implications
In the realm of fiscal policy, few topics generate as much attention and controversy as the debt ceiling. Often making headlines and dominating political discussions, the debt ceiling plays a pivotal role in the economic stability and financial management of a country. In this blog post, we will demystify the …
Read More »A Default On The U.S. Debt Would Be Far Worse Than A Government Shutdown. Here’s How.
Jennifer Shutt, Michigan Advance 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 …
Read More »GOP’s Desired Work Requirements For Federal Aid Would Kick Roughly 21M From Anti-Poverty Programs
Casey Quinlan, Minnesota Reformer Congressional Republicans’ efforts to slash federal spending by tying work requirements to Medicaid and SNAP would have far-reaching consequences for people with mental health issues, chronic health problems, and some people with disabilities if enacted, policy experts on anti-poverty programs say. They say the work requirements …
Read More »Some Movement Reported In Debt Limit Talks As Biden Cuts Short Overseas Trip
Jennifer Shutt, Florida Phoenix President Joe Biden and congressional leaders struggled to find common ground on the debt ceiling during a Tuesday meeting, though lawmakers said afterward there was some progress toward a deal. Biden and U.S. House Speaker Kevin McCarthy will become the two primary negotiators on a bipartisan …
Read More »U.S. Risks Debt Default In Early June, Congressional Budget Office Agrees
Jennifer Shutt, Michigan Advance The federal government could default on its debt during the first two weeks of June without action on bipartisan legislation, according to the Congressional Budget Office. The nonpartisan budget scorekeeper issued an updated report Friday, warning that “if the debt limit remains unchanged, there is a significant risk …
Read More »House GOP Wants Spending Cuts — And Also $10B In Home-State Earmarks
Ashley Murray, Arkansas Advocate U.S. House Republicans have requested more than $10 billion in earmarks to be included in next year’s appropriations bills, despite demanding massive spending cuts as a contingent for raising the nation’s debt ceiling. All but a handful of House Republicans barely pushed through a bill that …
Read More »Biden and Congressional Leaders Fail To Reach A Debt Limit Deal, But Will Meet Again Friday
Jennifer Shutt, New Jersey Monitor President Joe Biden and top congressional leaders were unable to reach a bipartisan debt limit agreement during a closed-door meeting Tuesday, leaving the dispute unresolved as the country moves closer to a default predicted as soon as early June. White House staff and aides to …
Read More »Bipartisan Group Projects U.S. Default As Soon As Early June, Citing ‘quite low’ Cash Flows
Jennifer Shutt, Michigan Advance The U.S. government could default as soon as next month if Congress and the Biden administration can’t reach a debt limit agreement before then, according to a new analysis from the Bipartisan Policy Center. The updated guidance, which puts the default window between early June and …
Read More »Biden Can ‘Absolutely’ Invoke 14th Amendment Over Debt Ceiling, Says Raskin
Jessica Corbett, Common Dreams As congressional leaders prepare for a Tuesday meeting at the White House, Congressman Jamie Raskin, a constitutional scholar, affirmed Sunday that if GOP lawmakers won’t raise the debt ceiling without major spending cuts, President Joe Biden can invoke the 14th Amendment to keep borrowing and avert …
Read More »U.S. Default Could Begin June 8 Without Agreement, Top Economist Tells Congress
Ashley Murray, Missouri Independent Unless Congress can strike a deal, the U.S. Treasury will likely default on the nation’s bills starting June 8, triggering major consequences for the economy, according to Mark Zandi of Moody’s Analytics. The risk assessment organization’s chief economist testified before the U.S. Senate Committee on the …
Read More »U.S. Could Default As Early As June 1 If Congress Fails To Act, Warns Treasury Secretary Yellen
Ashley Murray, Idaho Capital Sun U.S. Treasury Secretary Janet Yellen warned Monday that the U.S. could default in as soon as one month if Congress does not act to raise the nation’s borrowing limit — a prediction that prompted President Joe Biden to call a meeting with congressional leaders next week. …
Read More »Debt Ceiling Reminder for Democrats: ‘You Can’t Negotiate With Terrorists’
Brett Wilkins, Common Dreams U.S. progressives escalated their warnings this week as they accused House Speaker Kevin McCarthy of holding the debt limit “hostage” in service of the GOP’s pro-billionaire agenda, while urging President Joe Biden and Senate Democrats to firmly oppose GOP legislation linking any debt ceiling increase to …
Read More »House GOP Pushes Through Debt Ceiling Increase Coupled With Massive Spending Cuts
Ashley Murray, Kansas Reflector House Republicans on Wednesday struggled but whipped just enough votes to pass their plan to temporarily raise the nation’s borrowing limit and also cut spending by slashing key parts of President Joe Biden’s climate and tax law, potentially risking some veterans’ health benefits and imposing more …
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