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Debt Limit Crisis

All articles tagged with #debt limit crisis

politics3 years ago•3 min saved

Biden's Fiscal Responsibility Act Ends Debt Limit Crisis and Earns Praise.

President Biden signed the Fiscal Responsibility Act of 2023 into law, suspending the nation's debt ceiling and putting limits on spending for two years. The legislation was passed by the House and the Senate following weeks of negotiations with Republicans. The deal was reached after Mr. Biden agreed to begin discussions with Speaker Kevin McCarthy, a California Republican. The legislation allows the government to borrow what it needs to meet its obligations and reduces government spending by about $1.5 trillion over the next decade.

via The New York Times|

#biden #debt-limit-crisis #fiscal-responsibility-act

politics3 years ago•5 min saved

"Debt Ceiling Crisis Looms: How to Safeguard Your Finances"

The Biden administration has taken the "break glass measure" of minting a $1 trillion coin to avoid a potential default off the table as Congress continues to debate raising the debt ceiling. The US Treasury Department has warned that the government will run out of cash to pay its bills by October if the debt limit is not raised. Failure to do so could have catastrophic consequences for the US economy and global financial markets.

via CNN|

#biden-administration #congress #debt-limit-crisis

politics3 years ago•5 min saved

Debt Limit Crisis Looms as Lawmakers Fail to Reach Deal.

House Minority Leader Hakeem Jeffries faces the challenge of selling a budget deal negotiated between President Joe Biden and Speaker Kevin McCarthy to fellow Democrats without much input from his end. With less than a week from a potential default, Jeffries has no idea how many votes he might ultimately have to deliver for such a package because he has heard nothing from Republicans about how many defections they expect if a measure hits the floor. The situation is particularly galling to Democrats because while it is hard-right Republicans who have pushed the nation to the brink of default by refusing to raise the debt limit without spending cuts, they are all but certain to oppose any final compromise.

via Yahoo News|

#debt-limit-crisis #democrats #hakeem-jeffries