debt ceiling

Biden says he’s offered $1 trillion in spending cuts but GOP won’t budge on debt limit

BY: - May 21, 2023

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 […]

U.S. could default as early as June 1, Yellen warns Congress

BY: - May 1, 2023

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. In a letter to lawmakers, Yellen wrote that after […]

U.S. House GOP pushes through debt ceiling increase coupled with massive spending cuts

BY: and - April 27, 2023

WASHINGTON — U.S. 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 work rules on the nation’s safety […]

U.S. House GOP unveils plan on debt ceiling, spending cuts; Biden slams ‘wacko notions’

BY: - April 19, 2023

WASHINGTON — U.S. House Republicans unveiled a debt limit proposal Wednesday that would lift the nation’s borrowing capacity by $1.5 trillion or suspend it through March. The bill, introduced by Speaker Kevin McCarthy, carries along with it numerous Republican initiatives that are unlikely to get the bipartisan support necessary to clear the divided Congress. That […]

Image of a flag on top of pile of money

Bipartisan group predicts U.S. debt default as soon as summer, depending on tax receipts

BY: - February 22, 2023

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 […]