Budget Battles
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Biden Touts Debt Limit Bill: 'Crisis Averted'
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Senate Scrambles to Get to Final Debt Limit Vote
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Debt Limit Deal Clears a Major Hurdle
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Republicans Revolt Against McCarthy’s Deal
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Yellen Warns Default Deadline Just 10 Days Away
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Right and Left Fume as Negotiators Near a Debt Limit Deal
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Republicans Rebuff Biden Offers as Debt Talks Bog Down
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Biden Touts Passage of Debt Limit Bill: 'Crisis Averted'
In an address to the nation on Friday, President Joe Biden celebrated the passage of the bipartisan bill to raise the debt limit. “Crisis averted,” he said. In his first speech from the Oval Office...
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Senate Scrambles to Get to a Final Vote on Debt Limit Deal
The path to raising the debt limit is taking a few late twists and turns. After the House on Wednesday night easily cleared the bill negotiated by House Speaker Kevin McCarthy and President Joe Biden...
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Debt Limit Deal May Save a Lot Less Money Than McCarthy Claims
The debt limit deal cut by President Joe Biden and House Speaker Kevin McCarthy would reduce the federal budget deficit by about $70 billion in fiscal year 2024 and by some $1.5 trillion from 2023...
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Debt Limit Deal Set to Pass Its First Test Despite GOP Revolt
The debt limit deal struck by President Joe Biden and Speaker Kevin McCarthy appears set to survive its first legislative test on Tuesday evening, clearing a procedural hurdle despite a growing...
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What’s in the Fiscal Responsibility Act of 2023
By Michael RaineyHere are some of the key elements of the budget and debt-ceiling agreement reached between the Biden administration and Republicans in the House: Debt limit suspended until January 1, 2025: The...
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Yellen Specifies a New Deadline for Raising Debt Limit
Negotiators for President Joe Biden and House Republicans are still working to lock down a deal to set federal spending levels, raise the nation’s borrowing limit and avoid a potentially calamitous U...
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Right and Left Fume as Negotiators Near a Debt Limit Deal
White House and congressional negotiators are reportedly nearing a budget deal that would cut spending and raise the debt ceiling to avert an unprecedented default on U.S. debt — and members of both...
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Fitch Threatens Downgrade as Debt Limit Brinkmanship Continues
By Michael RaineyFitch Ratings, one of the three major firms that grade sovereign debt, announced late Wednesday that the United States’ perfect AAA credit rating is now at risk due to the ongoing political battle...
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U.S. ‘Almost Certain’ to Miss Early June Payments Unless Debt Limit Is Raised, Yellen Says
By Michael RaineyOnce again warning that the nation faces serious risks from a debt default, Treasury Secretary Janet Yellen said Wednesday that it was “almost certain” that the U.S. would be unable to meet its...
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Republicans Rebuff Biden Offers as Debt Talks Bog Down
With a potential U.S. debt default just over a week away, House Speaker Kevin McCarthy said late Wednesday that negotiators were making progress toward a deal to raise the federal borrowing limit...
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Treasury Hits Danger Zone After Memorial Day: Analysis
By Michael RaineyThere is an “elevated risk” that the U.S. Treasury will be unable to pay all of its bills during the first two weeks of June, according to an updated analysis released Tuesday by the Bipartisan...
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Debt Talks ‘Nowhere Near a Deal’ as Deadline Looms
A day after both President Joe Biden and House Speaker Kevin McCarthy described their Monday meeting as “productive,” the negotiations continued but huge differences remain unresolved. McCarthy...
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Yellen Now Says US ‘Highly Likely’ to Run Out of Cash in Early June
By Michael RaineyTreasury Secretary Janet Yellen on Monday added a new level of urgency to her warning to lawmakers that the U.S. could run out of cash in early June. “I am writing to note that we estimate that it is...
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No Deal Yet but McCarthy Says Biden Meeting Was ‘Productive’
With less than 10 days until the U.S. government could roil the global economy by defaulting on its debt, House Speaker Kevin McCarthy emerged from a White House meeting with President Joe Biden...
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Republicans Abruptly Hit ‘Pause’ on Debt Talks
Debt-limit talks between the White House and House Speaker Kevin McCarthy have been put on “pause” after Republican negotiators abruptly walked out of the meetings and complained that President Joe...