(CNN) – With 11 days left for Congress to vote to raise the nation's borrowing limit, and the government shut down, Treasury Secretary Jack Lew underscored the importance of raising the debt ceiling to avoid dire consequences domestically and around the world.
"On the 17th we run out of our ability to borrow, and Congress is playing with fire if they don't extend the debt limit," Lew said, appearing Sunday on CNN’s "State of the Union” with Candy Crowley.
(CNN) – One idea being considered to end the immediate fiscal impasse is a bill to fund the government and extend the nation's borrowing authority for six weeks, a senior Republican member of the House told CNN Chief Political Analyst Gloria Borger.
The congressman agreed to speak with CNN on the condition of anonymity.
The GOP lawmaker said a committee could then be set up to negotiate the fiscal issues dividing the two parties and negotiate a plan to keep the government funded for the rest of the year without the proverbial gun to their heads.
New York (CNNMoney) - The United States has never willfully defaulted on any of its legal obligations. So the consequences of doing so are unknowable.
But the general consensus is that it could be catastrophic. Or, in the best-case scenario, seriously damaging to the economy.FULL STORY
WASHINGTON (CNN) - As a potential government shutdown inched closer Saturday morning, the Obama administration reiterated that it will not negotiate with Republicans over delaying the president's signature health care law.
A day after President Barack Obama said any attempt to "gut" or repeal the Affordable Care Act "will not happen under the threat of a shutdown," a White House official echoed the commander-in-chief, telling CNN's Jim Acosta a continuing resolution that alters or delays Obamacare will not merit the president's signature.
New York (CNNMoney) - It's not negotiable: Congress will have to soon raise the debt ceiling. The only question is when.
On Wednesday, the Treasury Department said again that it can continue to pay the country's bills in full without breaching the legal limit on borrowing until sometime after Labor Day.FULL STORY
Washington (CNN) -– Republican presidential candidate Michele Bachmann took to the House floor Saturday to slam President Barack Obama on his position in the ongoing debt stalemate.
“Throughout this debate over guaranteeing insane never before seen in the history of this country levels of spending, President Obama has coolly stood on the sidelines, his arms crossed, very simply castigating Republicans for not giving him a $2.4 trillion blank check,” Bachmann said.
Washington (CNN) - With Congress and the White House still at odds on raising America’s debt ceiling, Republicans used their weekly address to illustrate the dire risks of missing next week’s deadline for reaching a deal.
“The consequences of missing this deadline could be severe, precisely because Washington borrows so much money – more than 40 cents out of every dollar it spends,” Republican Sen. Jon Kyl of Arizona said.
Washington (CNN) – Nearly half of all Americans think they'll have to feel some personal pain in order to cut the country's massive budget deficit, according to a new national poll.
“If we keep spending too much, borrowing too much, and taxing too much – if we keep doing the same things, we’re going to get the same dismal results," Djou says. "It’s time to change direction. It’s time to listen [to the American public]."
(Read Djou's full remarks after the jump)
New York (CNNMoney.com) – How to get the federal budget back on the right track? Here are just two ideas from the co-chair of the president's bipartisan debt commission: Rein in tax breaks. Set hard caps on federal revenue and spending.
Erskine Bowles, co-chairman of the panel and White House chief of staff under former President Clinton, has twice in recent weeks mused in public about what he'd like to see in a debt-reduction plan.
The commission has much work left, and Bowles only gets one vote. But if the commission can't agree on its own set of official recommendations, he is likely to play an influential role in shaping the advice given to President Obama.