New York (CNNMoney) - The debt ceiling clock is about to start running again. The U.S. Treasury on Friday began using "extraordinary measures" to keep the country from defaulting on its obligations.
As part of a budget compromise in February, lawmakers suspended the country's legal borrowing limit at $16.394 trillion, and let Treasury keep borrowing to pay all the country's bills. But on Sunday the debt ceiling will automatically reset to a higher level reflecting the amount borrowed during the suspension period.FULL STORY
(CNN) – Previewing the partisan food fight coming this fall over raising the debt ceiling, the House passed legislation on Thursday allowing the Treasury to pay U.S. bond holders if the nation hits its borrowing limit.
But the vote doesn't move Congress any closer to a deal to address the nation's fiscal situation - it just exposes the bitter divide between the political parties.
(CNN) - With another big deadline looming this summer over raising the limit on how much money the government can borrow to pay its bills, Washington could find itself embroiled in new fiscal gridlock.
If talks on the so-called debt limit falter, the government could default on its obligations. That could lead to a series of financial and political consequences.
(CNN) – Sen. Bob Corker on Sunday joined a few other Senate Republicans who say they're open to raising revenues as part of a deal on deficit reduction, adding there is a chance such an agreement could work.
House Speaker John Boehner, meanwhile, continued to maintain that increased tax revenue would not be part of the deficit reduction picture and sounded less hopeful on the idea of a "grand bargain."
(CNN) - In his weekly address, President Barack Obama continued to carry his new approach toward Republicans Saturday, using less partisan language and addressing both parties on how to move the economy forward.
Republican Sen. Jeff Sessions, on the other hand, pulled no punches in the GOP weekly address. The senator warned of what he expects to be a damaging budget proposed by Senate Democrats next week.
(CNN) – The U.S. Secret Service told CNN Thursday that the plan to end all White House public tours beginning March 9 will help the agency save $74,000 per week.
This accounts for the costs of paying 37 uniformed officers $50 an hour for 40 hours a week to secure the tour’s route through the White House East Wing.
New York (CNNMoney) - The threat of automatic budget cuts was supposed to light a fire under lawmakers and force them to do their jobs.
Now that the cuts are in effect, they may end up being a crutch to let Congress avoid making tough choices about where money should be spent and where it should be cut.FULL STORY
Washington (CNN) – President Barack Obama's approval rating appears to be edging down.
A new CNN Poll of Polls, which averages the most recent non-partisan, live operator, national surveys on the president's approval rating, puts Obama's approval at 48% approval, with 45% saying they disapprove of the job he's doing in the White House. That 48% approval rating is down four points from a CNN Polls of Polls from mid-February which had the president at 52%.
Washington (CNNMoney) – The first furlough notices for government employees have gone out.
The Army sent letters on Feb. 28 and March 1 to unions warning that employees at the Aberdeen Proving Ground in Gunpowder, Md., as well as the Corps of Engineers in Walla Walla, Wash., will be forced to stay at home without pay one day each week from April 22 through Sept. 21.FULL STORY
Washington (CNN) – Congress returned to work Monday on the first weekday of forced spending cuts, with President Barack Obama and Republicans sticking to deeply entrenched positions that have caused a series of showdowns manufactured by Washington politics.
Most predicted impacts of the $85 billion in cuts that took effect on Friday - such as unpaid furloughs for government workers - won't be evident until April at the earliest, officials say.FULL STORY