Budget Battles
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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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Debt Talks ‘Nowhere Near a Deal’ as Deadline Looms
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No Deal Yet but McCarthy Says Biden Meeting ‘Productive’
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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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CBO Warns of ‘Significant’ Default Risk in June
By Michael RaineyThere is a significant risk that the U.S. could run out of cash in just a few weeks, the Congressional Budget Office warned Friday – and there may not be any clarity on the outlook until the default...
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What’s On the Table in Debt Limit Talks
White House and congressional staffers continue to discuss a potential deal to raise the debt ceiling, and the parameters of a possible deal are reportedly beginning to emerge, raising glimmers of...
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Trump Urges Republicans to ‘Do a Default’
The Donald Trump Show was back on TV last night as CNN hosted a controversial and at times testy New Hampshire town hall event with the former president, who is also the current frontrunner in the...
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Default Could Send Housing Market Into ‘Deep Freeze’: Zillow
By Michael RaineyThe interest rate on a standard 30-year mortgage would jump as high as 8.4% if the U.S. defaults on its debts this summer, raising housing costs for new buyers by 22%, according to a new analysis by...
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Biden’s Debt Limit Meeting With McCarthy Postponed
The planned debt limit meeting on Friday between President Biden, House Speaker Kevin McCarthy and the three other congressional leaders has been postponed to early next week to allow aides more time...