debt ceiling

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Biden: We've Got $1T in Cuts

...but Republicans want $2T

(Newser) - Budget negotiations between congressional leaders seem to be off to a strong start: The sides have identified at least $1 trillion in possible spending cuts, mediator Joe Biden told reporters yesterday. “If we keep on this pace, we can get to a relatively large number,” he said, adding...

Big Biz, Tea Party Diverge in Debt Debate

Chamber seeks compromise, Tea Party says 'hell no'

(Newser) - A rift between big business and the Tea Party movement is growing as the very real prospect of America defaulting on its debt looms, the Christian Science Monitor finds. The federal government hit the $14.3 trillion debt ceiling yesterday, and while Tea Party-backed lawmakers are sticking to their guns...

As US Hits Debt Limit, Treasury Taps Fed Pensions

Move staves off default until Aug. 2

(Newser) - Washington hit the debt ceiling today, barring the Treasury Department from borrowing from the public, so it will begin borrowing from federal workers’ pensions to keep the government afloat. Treasury is legally bound to reimburse the pensions, so retirees won't be affected, notes the Washington Post , but if the...

Obama Must Call GOP's 'Bluff' on Debt Ceiling

Can't let hostage-holding House run the country: Paul Krugman

(Newser) - Look out, President Obama: House Republicans have created another “hostage situation.” This time, they’re holding the debt ceiling for a ransom of big spending cuts, writes Paul Krugman in the New York Times . The Republican Party doesn't control the White House or the Senate, so you...

Feds Hit Debt Limit Today
 Feds Hit Debt Limit Today 
May 16, 2011 7:54 AM CDT

Feds Hit Debt Limit Today

President warns default 'could unravel entire financial system'

(Newser) - The federal government is slated to hit the $14.3 trillion debt ceiling today, boosting pressure on the White House to reach a deal with House Republicans to raise that limit. Hitting that ceiling won't immediately affect government finances, notes the AFP , because an unanticipated boost in last month'...

Boehner to Dems: Cut 'Trillions' ... or Else

Speaker wants Medicaid part of the 'conversation' to boost debt limit

(Newser) - House Speaker John Boehner has warned Democrats to agree to at least $2 trillion in budget cuts or GOP legislators won't back measures to raise the federal debt ceiling, he told a rapt crowd of Wall Streeters and political leaders yesterday. He also insisted that Medicare is still on...

Medicare Overhaul Looks Dead This Year

Republicans backing away from plan for now

(Newser) - After a day of conflicting reports and quotes, this now seems like a safe bet: The Republican plan to overhaul Medicare with a voucher system will be put off until after the 2012 election. Paul Ryan conceded as much even as John Boehner insisted "nothing is off the table....

Geithner Taking 'Emergency' Debt Ceiling Measures

But gov't can now stay afloat til Aug. 2

(Newser) - Tim Geithner is about to enact some “extraordinary measures” in anticipation of Congress’ failure to boost the debt ceiling by May 16, he wrote in a pointed open letter to John Boehner yesterday. These measures, coupled with “stronger than expected tax receipts” will allow him to stay afloat...

Treasury Preparing to Hit Debt Limit

Government might stop paying troops, Social Security recipients

(Newser) - The Obama administration is loudly warning that failure to raise the debt ceiling would be an economic catastrophe —but it’s also quietly bracing itself for that possibility, scrounging under the proverbial couch cushions for cash. Timothy Geithner has already drained a $200 billion special account at the Federal...

Lindsey Graham: &#39;Bomb Gadhafi&#39;

 Lindsey Graham: 
 'Bomb Gadhafi' 
TALK SHOW ROUNDUP
Apr 24, 2011 1:52 PM CDT

Lindsey Graham: 'Bomb Gadhafi'

Not so fast, says McCain

(Newser) - Lindsey Graham has a solution for the stalemate in Libya: "My recommendation to NATO and to the administration is to cut the head of the snake off, go to Tripoli, start bombing Gadhafi’s inner circle, their compounds their military headquarters in Tripoli," he told State of the ...

Cantor Escalates Debt Ceiling War

GOP ready to plunge nation into default, he warns

(Newser) - Republicans have been outspoken about their opposition to raising the debt ceiling, but comments from House Majority Leader Eric Cantor yesterday appeared to escalate the battle. The GOP "will not grant [Democrats'] request for a debt limit increase" without serious spending cuts or budget process reform, he said,...

Geithner: Congress Will Raise Debt Ceiling
 Geithner:  
 Congress 
 Will Raise 
 Debt Ceiling 
TALK SHOW ROUNDUP
Apr 17, 2011 11:14 AM CDT

Geithner: Congress Will Raise Debt Ceiling

And 'Gang of 6' close to a deal

(Newser) - Congress is "absolutely" going to raise the debt ceiling, says Tim Geithner, because to do otherwise would be "catastrophic" and "the responsible people understand." "We’d tip the US economy and the world economy back into recession, depression," he said. "It would...

Ignore the Rhetoric: Debt Ceiling Will Be Raised

Lawmakers have no choice, and they know it: David Paul Kuhn

(Newser) - As the deadline approaches for Congress to decide whether to raise the debt ceiling, brace yourself for fevered debates about how the very fate of the nation is at stake. David Paul Kuhn offers a spoiler alert at Real Clear Politics : "Washington politics is unusually dysfunctional even by Washington...

GOP Senate to Force Dems to Raise Debt Ceiling Solo?

They're toying with the idea of withholding all support

(Newser) - With the United States poised to crash into its $14.294 trillion debt ceiling no later than May 16, Senate Republicans are considering letting Democrats raise it all on their own, with a straight party vote, reports the Huffington Post . Republicans have been insisting on spending cuts and reforms in...

Sunday Talk Shows: Eric Cantor Says President Obama Had to Be Dragged 'Kicking and Screaming to the Table to Cut Spending'
Cantor: We Dragged Obama 'Kicking and Screaming'
talk show roundup
Apr 10, 2011 12:17 PM CDT

Cantor: We Dragged Obama 'Kicking and Screaming'

He claims the president was not leading talks on spending cuts

(Newser) - According to House Majority Leader Eric Cantor, President Obama had to be dragged “kicking and screaming to the table to cut spending,” he said on Fox News Sunday. Cantor says White House senior adviser David Plouffe is being dishonest in his claim that Obama was the one leading...

Shutdown Averted, Higher Stakes Loom

Battles brewing over debt ceiling, 2012 budget will be even bigger

(Newser) - If you think the narrowly averted government shutdown over a few billion dollars was bad, wait until you see the multi-trillion-dollar brawls coming in the next few weeks, reports the Wall Street Journal . First up, the government is about to hit its legally imposed $14.294 trillion debt ceiling by...

Marco Rubio: I Won't Vote to Raise the Debt Limit, Unless We Get Fundamental Reform
 Raising Debt Limit 
 Again Invites US Ruin 
marco rubio
Mar 30, 2011 12:18 PM CDT

Raising Debt Limit Again Invites US Ruin

Marco Rubio: We need a reform plan now, or the next generation is in trouble

(Newser) - Marco Rubio vows to vote against raising the debt limit in a few weeks—unless it's the last time and accompanied by comprehensive reform—and he casts the decision not as a wonky economic debate but as a "defining moment in American history." In his op-ed in the...

GOP: OK, We Do Have to Raise the Debt Ceiling

Tim Geithner warns of catastrophe if Republicans cause default

(Newser) - Tim Geithner sent a letter to Congress yesterday warning of the dire consequences the country will face if Republicans don’t raise the debt ceiling before the US hits it—and newly minted Budget Committee Chairman Paul Ryan conceded that he was right. “Will the debt ceiling have to...

GOP Sets New Rules for House
GOP Sets New Rules
for House
Dec 22, 2010 12:50 PM CST

GOP Sets New Rules for House

Attendance records, amendment texts, vote results to go online

(Newser) - Republicans are taking over the House, and they’re bringing a list of new rules with them. Some key changes, set for adoption Jan. 5, from Politico :
  • Raising the US debt ceiling will now require a direct vote, something House members had, in the past, been able to avoid.
  • Committees
...

Congress Ups Nat'l Debt Ceiling to $12.4T

Bill would authorize Treasury to fund gov through Feb.

(Newser) - The Senate voted today to raise the ceiling on the government debt to $12.4 trillion, a massive increase over the current limit and a political problem that President Barack Obama has promised to address next year. The Senate's rare Christmas Eve vote, 60-39, follows House passage last week and...

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