WASHINGTON (CNN) - The federal government has four days left to raise the nation's current $14.3 trillion debt ceiling, the Treasury Department said. A failure to do so will risk an unprecedented national default.
If the debt ceiling is not raised by Tuesday, Americans could face rising interest rates and a declining dollar, among other problems.
As the cost of borrowing rises, individual mortgages, car loans and student loans could become significantly more expensive. Some financial experts have warned of a downgrade of America's triple-A credit rating and a potential stock market crash.
Washington (CNN) - The ad wars over the debt ceiling crisis continued Friday, with another conservative group issuing a spot over President Barack Obama's handling of the ongoing negotiations.
Americans for Prosperity, an independent political advocacy group that supports Republican causes and candidates, said it will spend $1.3 million to run ads on national cable and broadcast television in the 2012 battleground states of Florida and Ohio for five or six days. The group was co-founded by the well-known, conservative Koch brothers.
Washington (CNN) - House Speaker John Boehner told Republicans during a closed door meeting that he "woke up happy this morning," according to Rep. Steven LaTourette, R-Ohio, who spoke to reporters after the meeting.
Boehner told GOP members "he loves some less than others today, but he loves us all," LaTourette said.
Washington (CNN) - As President Barack Obama's oldest daughter, Malia, approaches driving age, the president has his own vision for her first car.
"I am hoping to see one of those models that gets a top speed of 15 miles per hour and the ejector seat any time boys are in the car," Obama told auto industry leaders Friday in a speech about fuel efficiency standards. "So hopefully you guys have some of those in the pipeline."
Washington (CNN) - According to a senior Congressional Democratic aide and two Congressional Republican aides, while the Boehner bill was pending all day Thursday, there were no quiet negotiations toward a compromise solution between Democratic and Republican leaders on either side of the Hill.
Per the senior Democrat, Senate Democrats were available Thursday to talk to House Republicans but Republican leadership was too busy vote counting to talk about the next steps.FULL STORY
(CNN) - President Barack Obama said Friday that the House GOP debt plan "would force us to relive this crisis in just a few short months. ... It does not solve the problem and has no chance of becoming law."
The country needs a bipartisan solution, Obama said. He urged Senate Democrats and Republicans to work together to reach a compromise.
Washington (CNN) - Americans are giving their top political leaders the thumbs down when it comes to how they are handling the debt ceiling crisis, according to a new national poll.
A Gallup survey indicates that 41 percent of the public approve of how President Barack Obama's handling the negotiations to raise the nation's debt level, with 52 percent saying they disapprove and eight percent unsure.
(CNN) - Rick Perry won't be on the ballot at the much watched Ames, Iowa straw poll next month, but the longtime Texas governor will be on the ballot this weekend at a gathering of conservatives in Denver, Colorado.
Perry, who is seriously considering a run for the Republican presidential nomination, will give a keynote address Friday night at the Western Conservative Summit. Two announced GOP presidential candidates, former Sen. Rick Santorum of Pennsylvania and former Godfather's Pizza CEO and radio talk show host Herman Cain will also deliver high profile speeches at the gathering.
(CNN) - Senate Majority Leader Harry Reid, D-Nevada, said Friday morning that he "must take action on the Senate's compromise legislation" on the debt ceiling by the end of the day.
Washington (CNN) - Republican presidential candidate Jon Huntsman disparaged his GOP rivals and President Obama for not publicly supporting a plan to solve the debt ceiling debate.
Speaking before a group of conservative environmentalists in Washington, D.C. Thursday, the former Utah governor and U.S. ambassador to China said he supports the plan put forward but House Speaker John Boehner.