5 Takeaways From The Debt Ceiling Drama
1 year, 7 months ago

5 Takeaways From The Debt Ceiling Drama

Huff Post  

LOADING ERROR LOADING WASHINGTON ― President Joe Biden will sign the Fiscal Responsibility Act into law on Saturday, capping weeks of congressional drama with a surprisingly dull end to a standoff that risked a worldwide economic catastrophe. Both sides kept their word.” The painstaking negotiations that drove headlines in Washington for months revealed several things about Republicans, Democrats and Biden’s White House. Even before Republicans won the House, Kevin McCarthy said they would demand policy concessions in exchange for a debt ceiling hike. Part of McCarthy’s deal to win the speaker’s gavel involved placating far-right lawmakers, agreeing to change House rules so individual members could initiate a vote to take the gavel away at any time. It wasn’t clear how McCarthy could possibly please both moderates and more extreme members of the GOP conference, but he steered them into supporting a symbolic bill that hewed close to Freedom Caucus demands for the debt ceiling ― an achievement that strengthened his negotiating position and seemed to catch the White House off guard.

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History of this topic

The debt ceiling is back, but no need to worry – yet
1 week, 2 days ago

The debt ceiling is back, but no need to worry – yet

CNN  

CNN — The nation’s debt ceiling was reinstated Thursday, giving congressional Republicans yet another divisive challenge to contend with in 2025. Each bill they work on in the coming months offers an opportunity for a timely debt limit resolution.” Just how long Congress has to handle its debt ceiling dilemma depends heavily on the amount of federal tax revenue collected …

House approves funding bill, sends to Senate hours before government shutdown deadline
3 weeks ago

House approves funding bill, sends to Senate hours before government shutdown deadline

New Indian Express  

The new 118-page package would fund the government at current levels through March and adds $100 billion in disaster aid and $10 billion in agricultural assistance to farmers. The federal debt limit expires Jan. 1, and Trump doesn't want the first months of his new administration saddled with tough negotiations in Congress to lift the nation's borrowing capacity. “Congress must …

Government shutdown is averted just after deadline as Congress rejects Trump’s debt limit demands
3 weeks ago

Government shutdown is averted just after deadline as Congress rejects Trump’s debt limit demands

Associated Press  

▶ Follow live updates on federal funding negotiations as a government shutdown looms. WASHINGTON — Facing a government shutdown deadline, the Senate rushed through final passage early Saturday of a bipartisan plan that would temporarily fund federal operations and disaster aid, dropping President-elect Donald Trump’s demands for a debt limit increase into the new year. But the day’s outcome was …

Washington DC plunges into chaos as government shutdown looms after Republican spending plan fails
3 weeks ago

Washington DC plunges into chaos as government shutdown looms after Republican spending plan fails

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. But Johnson’s team was also looking at the passage of a “clean” continuing resolution …

'Very strange': GOP lawmakers question 'completely avoidable' failure of spending bill
3 weeks ago

'Very strange': GOP lawmakers question 'completely avoidable' failure of spending bill

Raw Story  

Republicans were stunned when Elon Musk, with Donald Trump's help, successfully torpedoed a stopgap government funding bill that House speaker Mike Johnson had brokered. “This was completely avoidable.” Trump and Johnson discussed the funding bill in a private box at last weekend's Army-Navy football game, and Trump told the speaker he wanted a full-year spending bill with the debt limit …

Donald Trump hopes a Republican challenges U.S. Rep. Chip Roy over debt ceiling opposition
3 weeks ago

Donald Trump hopes a Republican challenges U.S. Rep. Chip Roy over debt ceiling opposition

Raw Story  

"Donald Trump hopes a Republican challenges U.S. Rep. Chip Roy over debt ceiling opposition" was first published by The Texas Tribune, a nonprofit, nonpartisan media organization that informs Texans — and engages with them — about public policy, politics, government and statewide issues. WASHINGTON — President Donald Trump invited a primary challenge against U.S. Rep. Chip Roy on Thursday for …

Government funding bill clears Congress and heads to Biden, averting a shutdown
3 weeks, 1 day ago

Government funding bill clears Congress and heads to Biden, averting a shutdown

LA Times  

“If there is going to be a shutdown of government, let it begin now,” President-elect Donald Trump posted on social media. Facing a government shutdown deadline, the Senate rushed through final passage early Saturday of a bipartisan plan that would temporarily fund federal operations and disaster aid, dropping President-elect Donald Trump’s demands for a debt limit increase into the new …

House GOP floats new plans to prevent government shutdown with just hours to go
3 weeks, 1 day ago

House GOP floats new plans to prevent government shutdown with just hours to go

New Indian Express  

WASHINGTON: Veering toward a midnight Friday government shutdown, House Speaker Mike Johnson is proposing a new plan that would temporarily fund federal operations and disaster aid, but punts President-elect Donald Trump demands for a debt limit increase into the new year. House Republicans are meeting behind closed doors on next steps after Trump doubled-down on his insistence that a debt …

Dozens of Senate Republicans may oppose Trump's top demand: GOP senator
3 weeks, 1 day ago

Dozens of Senate Republicans may oppose Trump's top demand: GOP senator

Raw Story  

President-elect Donald Trump has made either significantly raising the debt ceiling or eliminating it all together his top demand in the current standoff over government funding. Indeed, the MAGA leader touted Thursday that he struck a new deal with House Republicans on a spending bill that would punt the debt ceiling for two years. As Raju wrote on X, Sen. …

What to know about the debt ceiling debate as a government shutdown looms in Washington
3 weeks, 1 day ago

What to know about the debt ceiling debate as a government shutdown looms in Washington

Associated Press  

A debate over the debt ceiling is at the center of a dispute over funding that is pushing Washington to the brink of a federal government shutdown. The debt ceiling, or debt limit, is the total amount of money that the United States government can borrow to meet its existing legal obligations. When he rejected the spending proposal on Wednesday, …

Democrats Balk At Donald Trump’s Surprise New Demand As Government Shutdown Looms
3 weeks, 1 day ago

Democrats Balk At Donald Trump’s Surprise New Demand As Government Shutdown Looms

Huff Post  

LOADING ERROR LOADING WASHINGTON ― House Democratic leader Hakeem Jeffries on Thursday said “hard pass” on President-elect Donald Trump’s suggestion that Congress get rid of the debt ceiling as part of a government funding bill. “GOP extremists want House Democrats to raise the debt ceiling so that House Republicans can lower the amount of your Social Security check,” Jeffries wrote …

Dems are suddenly squeamish about a debt limit hike
3 weeks, 2 days ago

Dems are suddenly squeamish about a debt limit hike

Politico  

Dems are suddenly squeamish about a debt limit hike With assists from POLITICO’s Congress team Rep. Brad Schneider said the GOP's decision to renege on a CR deal “makes it virtually impossible” to address the debt limit. Follow the action at Inside Congress Live THE CEILING IS THE FLOOR House Democrats are finding themselves in uncharted waters after President-elect Donald …

Democrats dodge a debt ceiling deal
3 weeks, 2 days ago

Democrats dodge a debt ceiling deal

Politico  

“Let’s get rid of the debt limit. As much as Democrats would love to disarm this particular legislative time bomb, they’re not in any mood to negotiate with Republicans after Trump and billionaire ally Elon Musk sabotaged the prior deal to keep the government open and provide billions in disaster and farm relief. Rep. Brad Schneider, the incoming chair of …

Musk and Trump put House GOP in a bind
3 weeks, 2 days ago

Musk and Trump put House GOP in a bind

Politico  

But then Trump and Vice President-elect JD Vance dumped gasoline on the fire. And we should pass a streamlined spending bill that doesn’t give Chuck Schumer and the Democrats everything they want.” The request for a debt ceiling hike blindsided many on Capitol Hill. Johnson’s not wrong about that: Even before Trump made his debt ceiling demand, some conservatives were …

Trump and Vance bemoan Dem 'giveaways' in funding bill — and beg GOP to call their 'bluff'
3 weeks, 2 days ago

Trump and Vance bemoan Dem 'giveaways' in funding bill — and beg GOP to call their 'bluff'

Raw Story  

President-elect Donald Trump and his incoming vice president bemoaned "democrat giveaways" on Wednesday in trying to explain why they helped torpedo a stopgap funding bill that would avert a government shutdown just before the holidays. But Trump and key ally Elon Musk came out against House Speaker Mike Johnson's funding bill on Wednesday, throwing the entire process into chaos two …

"Call their bluff": Trump, Vance urge GOP lawmakers to vote down emergency government funding bill
3 weeks, 3 days ago

"Call their bluff": Trump, Vance urge GOP lawmakers to vote down emergency government funding bill

Salon  

President-elect Donald Trump is urging members of his party to vote down a resolution that would fund the federal government into March. In a joint statement with Vice President-elect JD Vance shared by Vance on social media, the incoming executives said that Republican legislators should "call bluff" of congressional Democrats and push for a new resolution that doesn't include spending …

House Republicans unite on spending cuts to non-defense programs, but Senate roadblock awaits
6 months ago

House Republicans unite on spending cuts to non-defense programs, but Senate roadblock awaits

Associated Press  

WASHINGTON — House Republicans are off to a quicker, more united start this year when it comes to funding the federal government, passing four of 12 annual appropriations bills before the end of June compared to zero at this time last year when the new majority got off to a rocky start. That means a protracted, months-long battle that will …

Kevin McCarthy and House Republicans will own this shutdown
1 year, 3 months ago

Kevin McCarthy and House Republicans will own this shutdown

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Back in …

'Reckless brinksmanship': McCarthy blamed for 'bizarre and inept' US credit downgrade
1 year, 5 months ago

'Reckless brinksmanship': McCarthy blamed for 'bizarre and inept' US credit downgrade

Raw Story  

On the evening of Monday, August 1st, 2023, FitchRatings lowered the United States' credit "default rating" from 'AAA' to 'AA+', which the agency stated, "reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance relative to 'AA' and 'AAA' rated peers over the last two decades that …

Members of Congress break for August with no clear path to avoiding a shutdown this fall
1 year, 5 months ago

Members of Congress break for August with no clear path to avoiding a shutdown this fall

Associated Press  

WASHINGTON — Lawmakers broke for their August recess this week with work on funding the government largely incomplete, fueling worries about whether Congress will be able to avoid a partial government shutdown this fall. “We should not fear a government shutdown,” said Rep. Bob Good, R-Va. “Most of the American people won’t even miss if the government is shut down …

21 far-right Republicans demand Kevin McCarthy shutdown the government in budget negotiations
1 year, 6 months ago

21 far-right Republicans demand Kevin McCarthy shutdown the government in budget negotiations

Raw Story  

In a letter to Speaker Kevin McCarthy, 21 members of his own GOP caucus listed their demands to support any appropriations bill. According to the letter, “We plan to vote against any appropriations bills" that don't remove the debt ceiling "deal" that the House and the President agreed to earlier this year. Finally, they say, "Through continued conversations, we will …

GOP accused of breaking debt ceiling deal and 'threatening a government shutdown'
1 year, 6 months ago

GOP accused of breaking debt ceiling deal and 'threatening a government shutdown'

Raw Story  

The top Democrat on the House Appropriations Committee accused her Republican colleagues on Thursday of increasing the likelihood of a government shutdown by approving spending numbers below the levels set under the bipartisan debt ceiling agreement, which hasn't even been law for two weeks. In an appearance on CNN, Rep. Rosa DeLauro said House Republicans have already "walked away from …

Hard-line conservatives demand concessions from House Speaker McCarthy in debt-ceiling standoff
1 year, 6 months ago

Hard-line conservatives demand concessions from House Speaker McCarthy in debt-ceiling standoff

Hindustan Times  

Hard-line conservatives angered by House Speaker Kevin McCarthy’s debt-ceiling deal are demanding power-sharing and budget-cutting concessions from him in exchange for allowing legislation to move on the House floor. U.S. House Speaker Kevin McCarthy speaks to reporters on Capitol Hill in Washington, U.S., June 8, 2023. REUTERS/Amanda Andrade-Rhoades/ In agreeing Monday to temporarily lift a nearly week-long blockade of the …

GOP conservatives shutter House to protest McCarthy-Biden debt deal, setting up next budget brawl
1 year, 7 months ago

GOP conservatives shutter House to protest McCarthy-Biden debt deal, setting up next budget brawl

Associated Press  

WASHINGTON — In fallout from the debt ceiling deal, Speaker Kevin McCarthy is suddenly confronting a new threat to his power as angry hard-right conservatives bring the House chamber to a halt, reviving their displeasure over the compromise struck with President Joe Biden and demanding deeper spending cuts ahead. It’s all setting the stage for a potentially disastrous showdown ahead, …

House conservatives block GOP bills, voice frustration in response to last week’s debt ceiling vote
1 year, 7 months ago

House conservatives block GOP bills, voice frustration in response to last week’s debt ceiling vote

Associated Press  

WASHINGTON — House conservatives staged a mini-revolt Tuesday in retaliation for Speaker Kevin McCarthy’s leadership on last week’s vote to raise the debt ceiling, the right wing banding together to block progress on a mixture of bills and vent their frustration. “The debt limit last week displayed just how far House Republicans have come as a team.” What led the …

The debt deal's (surprising) biggest losers
1 year, 7 months ago

The debt deal's (surprising) biggest losers

Salon  

Now that the debt ceiling has been raised and all the smoke has cleared, it's worthwhile to step back and assess the political fallout from the first major test of Kevin McCarthy's speakership. And they guaranteed that by loading the committee with Freedom Caucus members and demanding that any one member could file a motion to vacate the Speaker's chair …

Debt ceiling news latest: Biden signs debt limit bill after hailing deal in Oval Office address
1 year, 7 months ago

Debt ceiling news latest: Biden signs debt limit bill after hailing deal in Oval Office address

The Independent  

✕ Close Voting has started as lawmakers agree on a debt limit deal Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read …

Biden set to sign debt ceiling bill that averts prospect of unprecedented federal default
1 year, 7 months ago

Biden set to sign debt ceiling bill that averts prospect of unprecedented federal default

The Hindu  

President Joe Biden is expected to sign legislation on Saturday to raise the debt ceiling, dodging Monday's deadline when the Treasury warned that the United States would start running short of cash to pay all its bills. The agreement was hashed out by Mr. Biden and House Speaker Kevin McCarthy, giving Republicans some of their demanded federal spending cuts but …

How Biden and McCarthy struck a debt limit deal and staved off a catastrophe
1 year, 7 months ago

How Biden and McCarthy struck a debt limit deal and staved off a catastrophe

Associated Press  

WASHINGTON — It was advice that Mitch McConnell had offered to Joe Biden once already: To resolve the debt limit standoff, he needed to strike a deal with House Speaker Kevin McCarthy — and McCarthy alone. I told you then, it’s not how you start, it’s how you finish.” This account of the weeks-long saga of how Washington defused the …

Just days to spare, Senate gives final approval to debt ceiling deal, sending it to Biden
1 year, 7 months ago

Just days to spare, Senate gives final approval to debt ceiling deal, sending it to Biden

Associated Press  

WASHINGTON — Fending off a U.S. default, the Senate gave final approval late Thursday to a debt ceiling and budget cuts package, grinding into the night to wrap up work on the bipartisan deal and send it to President Joe Biden’s desk to become law before the fast-approaching deadline. Senate Majority Leader Chuck Schumer said ahead of voting that the …

Explained: How 'odd pair', Joe Biden and Kevin McCarthy, helped avert US debt default
1 year, 7 months ago

Explained: How 'odd pair', Joe Biden and Kevin McCarthy, helped avert US debt default

Firstpost  

Like bomb squad technicians who just snipped the last wire on a ticking device, Joe Biden and top Republican Kevin McCarthy are breathing a sigh of relief after reaching a deal on the US debt ceiling. On 27 May 2023, Biden and McCarthy reached a debt ceiling deal to avert US default. Biden is a Democratic president running for re-election …

Just Days To Spare, Senate Gives Final Approval To Debt Ceiling Deal, Sending It To Biden
1 year, 7 months ago

Just Days To Spare, Senate Gives Final Approval To Debt Ceiling Deal, Sending It To Biden

Huff Post  

LOADING ERROR LOADING WASHINGTON — Fending off a U.S. default, the Senate gave final approval late Thursday to a debt ceiling and budget cuts package, grinding into the night to wrap up work on the bipartisan deal and send it to President Joe Biden's desk to become law before the fast-approaching deadline. Senate Majority Leader Chuck Schumer said the bill's …

McCarthy proved he’s a stronger House speaker than many expected. But GOP is split over cutting government
1 year, 7 months ago

McCarthy proved he’s a stronger House speaker than many expected. But GOP is split over cutting government

LA Times  

House Speaker Kevin McCarthy leaves the chamber Wednesday after winning a crucial procedural vote on the debt ceiling and budget package he negotiated with President Biden. A win, but with limits By parceling out significant authority to each of the major factions in the House majority — the “five families,” as Republicans have taken to calling them — McCarthy gave …

What is the US debt ceiling and what is in the Biden-McCarthy deal?
1 year, 7 months ago

What is the US debt ceiling and what is in the Biden-McCarthy deal?

The Telegraph  

What is the US debt ceiling? Congress passes new spending bills that will increase the debt level, but the debt ceiling is not raised until it is about to be breached. Past debt ceiling fights have typically ended with a hastily arranged agreement in the final hours of negotiations, thus avoiding a default. “That’s the responsibility of governing.” The agreement …

Deal to raise debt ceiling passes US Senate, heads to Biden
1 year, 7 months ago

Deal to raise debt ceiling passes US Senate, heads to Biden

Al Jazeera  

The vote comes as the US hurtles towards a June 5 deadline to raise the government borrowing limit or face default. The United States Senate has voted to approve a bipartisan deal that would increase the country’s debt ceiling, clearing the bill’s last major hurdle before it reaches the desk of President Joe Biden. Still, Senators like Maine’s Susan Collins …

US debt deal passes House vote: How this is a big win for McCarthy
1 year, 7 months ago

US debt deal passes House vote: How this is a big win for McCarthy

Firstpost  

When the debt limit fight began, it was widely assumed that House Speaker Kevin McCarthy, untested and inexperienced in high-stakes negotiations, would either preside over an economically and politically calamitous government default or lose his hard-won post in a right-wing mutiny after caving to Democrats. With House approval Wednesday night of the debt-limit package he personally negotiated with President Joe …

House OKs debt ceiling bill to avoid default, sends Biden-McCarthy deal to Senate
1 year, 7 months ago

House OKs debt ceiling bill to avoid default, sends Biden-McCarthy deal to Senate

Associated Press  

WASHINGTON — Veering away from a default crisis, the House approved a debt ceiling and budget cuts package late Wednesday, as President Joe Biden and Speaker Kevin McCarthy assembled a bipartisan coalition of centrist Democrats and Republicans against fierce conservative blowback and progressive dissent. Tensions ran high throughout the day as hard-right Republicans refused the deal, while Democrats said “extremist” …

Debt Ceiling Deal Clears House On Bipartisan Vote; Senate Up Next
1 year, 7 months ago

Debt Ceiling Deal Clears House On Bipartisan Vote; Senate Up Next

Huff Post  

LOADING ERROR LOADING The bill to raise the government’s limit on borrowing and trim the federal budget deficit passed the House late Wednesday, leaving the Senate the last obstacle to avoiding a debt default. “We produced a bill that — in divided government — takes a step towards smaller government, less regulation, more economic growth, and more take-home pay,” McCarthy …

US debt ceiling bill passes House with broad bipartisan support
1 year, 7 months ago

US debt ceiling bill passes House with broad bipartisan support

India Today  

A divided US House of Representatives passed a bill to suspend the $31.4 trillion debt ceiling on Wednesday, with majority support from both Democrats and Republicans to overcome opposition led by hardline conservatives and avoid a catastrophic default. READ | US debt ceiling deal ready to head to Congress, says Biden as cash runs low Republicans control the House by …

Just days to spare, Senate gives final approval to debt ceiling deal, sending it to Biden
1 year, 7 months ago

Just days to spare, Senate gives final approval to debt ceiling deal, sending it to Biden

LA Times  

Days away from a default crisis, the Capitol is illuminated as the Senate works into the night to finish votes on amendments on the big debt ceiling and budget cuts package. Fending off a U.S. default, the Senate gave final approval late Thursday to a debt ceiling and budget cuts package, grinding into the night to wrap up work on …

Debt limit deal heads to vote in full House while McCarthy scrambles for GOP approval
1 year, 7 months ago

Debt limit deal heads to vote in full House while McCarthy scrambles for GOP approval

Associated Press  

WASHINGTON — Under fire from conservatives, House Speaker Kevin McCarthy worked furiously Tuesday to sell fellow Republicans on the debt ceiling and budget deal he negotiated with President Joe Biden and win approval in time to avert a potentially disastrous U.S. default. Overall the 99-page package restricts spending for the next two years, lifts the debt limit and includes policy …

‘It Rewards The Hostage-Taking’: Progressives Fume At Biden's Deal With GOP
1 year, 7 months ago

‘It Rewards The Hostage-Taking’: Progressives Fume At Biden's Deal With GOP

Huff Post  

LOADING ERROR LOADING WASHINGTON — Progressive lawmakers are seething at President Joe Biden’s deal with House Republicans for raising the debt ceiling, warning that it could normalize taking the nation’s economy hostage for years to come. The Republicans are demanding changes that they cannot get through the ordinary democratic process because they’re not supported by the American people.” “The minute …

House approves the Biden-McCarthy debt ceiling bill as default deadline looms
1 year, 7 months ago

House approves the Biden-McCarthy debt ceiling bill as default deadline looms

NPR  

House approves the Biden-McCarthy debt ceiling bill as default deadline looms Enlarge this image toggle caption Drew Angerer/Getty Images Drew Angerer/Getty Images House lawmakers have passed a piece of compromise legislation brokered between President Biden and House Speaker Kevin McCarthy to avoid an unprecedented debt default with just days to spare. But sitting with one House, with a Democratic Senate …

House approves bipartisan deal to suspend debt limit, reducing fear of U.S. default
1 year, 7 months ago

House approves bipartisan deal to suspend debt limit, reducing fear of U.S. default

LA Times  

House Speaker Kevin McCarthy leaves the chamber after passage of a crucial procedural vote on the debt ceiling and budget cuts package he negotiated with President Biden. “Democrats voting for the rule because he couldn’t get the vote for the rule.” In a rare demonstration of their differences on policy, the three House Democrats vying to replace Sen. Dianne Feinstein …

Opinion: The biggest lesson from the debt ceiling fight
1 year, 7 months ago

Opinion: The biggest lesson from the debt ceiling fight

CNN  

Editor’s Note: John Avlon is a CNN senior political analyst and anchor. After months of negotiations between Republican leaders and then-President Barack Obama, the House passed an 11th hour bill by a 269-161 vote, despite opposition from Tea Party conservatives and liberal Democrats alike. The final tally was 193 Democratic House votes and 28 Republican House votes – including Boehner …

Matt Gaetz warns Kevin McCarthy’s deal could be a ‘black letter’ violation that triggers removal
1 year, 7 months ago

Matt Gaetz warns Kevin McCarthy’s deal could be a ‘black letter’ violation that triggers removal

Raw Story  

Rep. Kevin McCarthy may have enough votes to usher his debt ceiling deal through Congress, but it could cost the House Speaker his job. Rep. Matt Gaetz on Tuesday suggested that, regardless of the outcome of the debt ceiling deal vote, if a majority of Republicans oppose the deal, that would be a “black letter violation” that would likely leave …

Lauren Boebert throws tantrum over debt deal: 'That's the end of Kevin McCarthy's speakership'
1 year, 7 months ago

Lauren Boebert throws tantrum over debt deal: 'That's the end of Kevin McCarthy's speakership'

Raw Story  

Rep. Lauren Boebert on Tuesday did not rule out a motion to vacate the chair in an attempt to remove Kevin McCarthy as speaker over a deal that would raise the U.S. debt ceiling. During an appearance on Steve Bannon's War Room podcast, Boebert accused McCarthy of a "violation" of his promises because amendments were not being allowed in the …

America’s debt-ceiling deal means it should now avoid Armageddon
1 year, 7 months ago

America’s debt-ceiling deal means it should now avoid Armageddon

Hindustan Times  

Even in a sharply divided Washington, DC, politics-as-usual sometimes works. The consequences of a debt default, the first in America’s modern history, would be dire: the shock from disruption in the biggest sovereign-debt market, accounting for about one-third of the global total and underpinning pricing in financial markets everywhere, threatened to reverberate through every economy around the world. The gravity …

US debt limit deal: How we got here
1 year, 7 months ago

US debt limit deal: How we got here

Al Jazeera  

Bipartisan deal to raise debt ceiling and avoid ‘disastrous’ default heads to US Congress after weeks-long impasse. The agreement negotiated by Biden and Republican House Speaker Kevin McCarthy would suspend the debt ceiling for two years and cap government spending during the same period. In April, McCarthy put forward a bill to raise the debt ceiling that would advance key …

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