Washington (CNN) - House Republican leaders were forced on Thursday to delay rolling out their bill to raise nation's debt limit, after conservatives complained the package failed to include deep enough budget cuts and significant changes to entitlement programs.
The setback comes as Speaker John Boehner prepares to wrestle with his conference over how to ultimately handle short term spending and the prospect of a government shutdown beginning on Tuesday, if Congress does not act to refill federal coffers.FULL STORY
(CNN) - Treasury Secretary Jack Lew said a U.S. debt default could be catastrophic. But President Barack Obama said Thursday he will not "not negotiate on anything when it comes to the full faith and credit of the United States of America." That is, no negotiating with Republicans.
Yet, the American people support, by a two-to-one margin, a requirement for spending cuts when negotiating more borrowing authority for the government to pay its bills, according to a new Bloomberg News poll.FULL STORY
Washington (CNN) - Another day, another onslaught of political maneuvering and rhetoric in Washington as Congress faces the possibility of a partial government shutdown next week.
The Democratic-led Senate is considering a spending plan sent over by the Republican-led House that makes continued government funding contingent on eliminating all money for Obamacare.FULL STORY
New York (CNNMoney) – Treasury to Congress: The heat's on to raise the country's debt ceiling.
Treasury Secretary Jack Lew said Wednesday he now estimates he will have less cash on hand to pay the country's bills in mid-October than he previously thought.FULL STORY
WASHINGTON (CNN) - Five years after the economic collapse, President Barack Obama warned Americans on Saturday that if Congress does not pass a budget to prevent the government from shutting down, the nation could be headed toward another fiscal calamity.
"After five years spent digging out of crisis, the last thing we need is for Washington to manufacture another," Obama said in his weekly address.
New York (CNNMoney) - A new analysis by a think tank shows that Washington's drop-dead deadline for the debt ceiling could hit as soon as Oct. 18.
Estimating exactly when the Treasury Department will be unable to pay all the bills coming due every day if Congress fails to raise the nation's legal borrowing limit is notoriously difficult.
That's why, in an analysis released Tuesday, the Bipartisan Policy Center put the "X date" between Oct. 18 and Nov. 5.FULL STORY
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."