Tag

Debt Limit

All articles tagged with #debt limit

economy-and-politics19 days ago•30 min saved

Debt worries linger as midterms approach, but big fixes aren’t coming this year

Voters are deeply worried about the national debt ahead of the midterms, with watchdogs and a Peterson Foundation survey noting concerns over higher living costs and inflation. The poll finds 92% say debt affects their cost of living, and 95% want a candidate with a clear debt plan. But Washington is not expected to take major action before the election; lame-duck talks may yield small steps, including another debt-limit adjustment and budget reforms. The debt now tops $40 trillion, and experts say deficits influence interest rates and inflation, shaping voters’ views.

via MarketWatch|

#budget #debt-limit #economy-and-politics

politics2 months ago•22 min saved

Debt-Limit Brinkmanship Looms as Midterms Approach

With midterms looming, Republicans weigh another debt-limit increase, potentially tied to a party-line spending package, as independents warn the U.S. could hit the debt-ceremony deadline (the X-date) within the next year; the White House has floated raising the borrowing cap to about $41 trillion to ease negotiations, while the Treasury could buy time with accounting moves. The live updates also track Rand Paul’s push to compel Fauci to testify and invoke the Fifth Amendment, Senate talks over Todd Blanche’s DOJ confirmation and an IRS-audit-immunity settlement, and momentum on Lindsey Graham’s Russia sanctions bill driven by White House pressure and governor support.

via Politico|

#budget #cornyn #debt-limit

politics1 year ago•1 min saved

Senate Pushes Ahead with Controversial Budget and Debt Plans Amid GOP Divisions

A proposed $5 trillion increase in the debt limit, combined with nearly $4 trillion in tax cuts, signals a shift in Republican fiscal stance, as they prepare to pass the measure through reconciliation with only party votes, challenging their traditional fiscal conservatism.

via The New York Times|

#budget-reconciliation #debt-limit #fiscal-policy

politics1 year ago•6 min saved

Senate Republicans propose major Medicaid and tax reforms in Trump agenda

The Senate Republicans released a bill proposing significant Medicaid cuts, permanent tax cuts from 2017, and adjustments to energy and child tax credits, while also raising the debt limit by $5 trillion, amidst ongoing negotiations and resistance from some senators and House members.

via CNN|

#debt-limit #energy-tax-credits #medicaid-cuts

politics1 year ago•5 min saved

Senate Republicans Unveil Details of Trump Tax and Medicaid Bill

Senate Republicans released a bill proposing significant tax cuts, including extending Trump’s 2017 tax cuts and creating new breaks, while offsetting costs through Medicaid reductions and energy credit cuts. The bill also raises the debt ceiling by $5 trillion and faces internal disagreements over Medicaid and SALT deductions, with a goal to pass before July 4.

via Bloomberg.com|

#debt-limit #medicaid-cuts #politics

politics1 year ago•2 min saved

Treasury's Bessent Highlights Tax Revenue Gains and Trade Relations

Treasury Secretary Scott Bessent announced that despite cost-cutting at the IRS, tax revenues in April and May exceeded last year's figures, easing concerns about the debt ceiling and potentially delaying the need for urgent congressional action. The government’s financial outlook has improved, with the estimated X-date pushed back to late summer, and discussions ongoing about budget legislation and negotiations involving foreign countries and the debt ceiling.

via Axios|

#budget-bill #congress #debt-limit

politics3 years ago•6 min saved

Tax Relief Debate Set to Heat Up in 2024 Campaign

House Republicans proposed a series of tax cuts, including deep cuts for companies and the affluent, leading to charges of hypocrisy by Democrats. Republicans believe tax cuts for businesses and the affluent are the primary driver for sustaining economic growth, while Democrats seek more targeted tax cuts to achieve social goals such as reducing child poverty and shifting to renewable energy. The dispute sets the stage for the 2024 elections and the immediate economic challenges that the winners will face.

via ABC News|

#debt-limit #democrats #economy

politics3 years ago•5 min saved

Tax Relief Debate Set to Heat Up in 2024 Campaign

House Republicans proposed tax cuts for companies and the affluent, while President Joe Biden and fellow Democrats seek more targeted tax cuts to achieve social goals such as reducing child poverty and shifting to renewable energy that can help the economy in the long run. The Republican tax cuts for businesses, coupled with an increase in the standard deduction for households, would be funded by wiping out $216 billion in tax breaks over 10 years that Biden signed into law last year to support the development of electric vehicles and renewable energy. The dispute sets the stage for the 2024 elections and the immediate economic challenges that the winners will face.

via The Associated Press|

#debt-limit #democrats #economy

politics3 years ago•5 min saved

Congressional Spending Battle Escalates Amid Debt Deal Fallout.

House Republicans are pushing for spending levels below those agreed to in the debt limit compromise, infuriating Democrats and raising the prospect of a government shutdown this year and automatic spending cuts in early 2025. Far-right Republicans are demanding cuts that go far deeper than what President Biden and Speaker Kevin McCarthy agreed to in the bipartisan compromise they reached last month to suspend the debt ceiling, but such reductions are all but certain to be nonstarters in the Senate. The looming stalemate threatens to further complicate a process that was already going to be extraordinarily difficult, as top members of Congress try for the first time in years to pass individual spending bills to fund all parts of the government in an orderly fashion and avoid the usual year-end pileup.

via The New York Times|

#appropriations-committee #bipartisan-compromise #debt-limit

politics3 years ago•3 min saved

Conservative Mutiny Threatens Key Legislation in Congress.

House Republicans who caused a legislative stalemate earlier this week want written assurances from Speaker Kevin McCarthy that conservatives will get more of a say in what the chamber does after their trust in him had been "shattered" over the debt limit bill, according to Rep. Ben Cline. Members of the hard line-right House Freedom Caucus and their allies tanked a procedural vote on the rules for a set of Republican-backed bills on Tuesday. It was the first time in two decades that a rules vote had failed.

via Fox News|

#debt-limit #freedom-caucus #house-republicans

politics3 years ago•5 min saved

House at a Standstill as Hard Right Rejects Debt Deal and Rebukes McCarthy

Members of the ultraconservative House Freedom Caucus staged a protest vote against Speaker Kevin McCarthy's fiscal compromise with President Biden to suspend the debt limit, effectively shutting down the House floor for several hours. The move reflects the bitter acrimony lingering in the Republican ranks after the passage of the debt limit measure last week and underscores McCarthy's lack of control over his fractious conference. The protest vote weakened McCarthy substantially, undercutting his ability to pass bills in a chamber where they can normally afford to lose no more than a handful of votes.

via The New York Times|

#debt-limit #house-freedom-caucus #kevin-mccarthy

politics3 years ago•4 min saved

Conservative Rebellion Rocks GOP Leadership Over Gas Stove Bill and Debt Deal Anger

House conservatives, including members of the Trump-aligned House Freedom Caucus, staged a surprise protest on Tuesday, voting against moving forward on a bill they support, which disrupted the party’s plans to pass legislation protecting gas stoves from potential government bans. The move was unexpected by senior Republicans, and some GOP lawmakers fear it might be just the beginning of a conservative drive to undercut Speaker Kevin McCarthy’s team unless he keeps promises he made in order to win the House’s top gavel in January.

via POLITICO|

#debt-limit #freedom-caucus #gop-leadership

politics3 years ago•1 min saved

"OMB Director Addresses Risk of U.S. Credit Downgrade"

Office of Management and Budget director Shalanda Young said that bringing the US to the brink of default was bad for the country and the global economy. Though Congress was able to reach a deal to raise the debt limit ahead of the June 5 "X-date," Fitch Ratings, the international credit rating agency, said that "repeated political standoffs" over the federal government's borrowing limit "lowers confidence in governance on fiscal and debt matters." The end result was not a victory for Democrats or Republicans, but "a reasonable bipartisan agreement you would expect to see in [a] divided government."

via POLITICO|

#bipartisan-agreement #brinksmanship #debt-limit

politics3 years ago•6 min saved

Biden's Pragmatic Leadership Style Emphasizes Unity and Deal-Making.

President Joe Biden is framing his potential 2024 re-election campaign as a referendum on competence and governance, highlighting his approach of pragmatism over Trumpian pugilism. His recent bipartisan debt limit and budget legislation agreement with House Speaker Kevin McCarthy and other Republicans exemplifies this approach. However, his low approval rating among Democrats and concerns about his age as the oldest person to ever seek the presidency may pose challenges. Despite criticisms from some in his own party, the White House sees the agreement as a success that protects Biden's priorities and gives them "running room" through the 2024 election.

via The Associated Press|

#2024-election #bipartisanship #debt-limit

politics3 years ago•1 min saved

Biden avoids default with debt limit bill signing.

President Joe Biden signed a bill suspending the US government's $31.4tn debt ceiling, avoiding a first-ever default with just two days to spare. The House of Representatives and the Senate passed the legislation this week after Biden and House of Representatives Speaker Kevin McCarthy reached an agreement following tense negotiations. The Treasury Department had warned it would be unable to pay all its bills on Monday if Congress had failed to act by then. The bill signing marked a low-key, symbolic end to a crisis that vexed Washington for months, forced Biden to cut short an international trip in Asia and threatened to push the United States to the brink of an unprecedented economic crisis.

via Reuters|

#biden #bipartisan #congress