(Updated 12:35 p.m.)
Washington (CNN) - The U.S. Senate has passed a last-minute compromise plan to raise the nation's debt ceiling in exchange for spending cuts.
On a 74-26 vote, the Senate sent the bill to President Barack Obama's desk to be signed into law just hours before what would have been an unprecedented default.FULL STORY
Washington (CNN) - The U.S. House on Monday passed the debt-ceiling deal worked out by President Barack Obama and congressional leaders, sending it to the Senate for consideration a day before the deadline for the government to face possible default.
A Senate vote was expected Tuesday, according to multiple Senate leadership aides from each party.FULL STORY
Washington (CNN) - Two days before the deadline for a possible U.S. government default, President Barack Obama and congressional leaders reached agreement Sunday on a legislative package that would extend the federal debt ceiling while cutting spending and guaranteeing further deficit-reduction steps.
The proposed $3 trillion deal, which still requires congressional approval, brought some immediate relief to global markets closely watching the situation play out and a nation filled with anger and frustration over partisan political wrangling that threatened further economic harm to an already struggling recovery.FULL STORY
Washington (CNN) - The Republican-controlled House of Representatives is set to reject Senate Majority Leader Harry Reid's plan to raise the nation's debt ceiling Saturday - partisan payback for the Democratic-controlled Senate's rejection of Speaker John Boehner's plan Friday night.
The twin votes are a likely prelude to a long weekend of furious back room negotiations between congressional leaders looking for a way to end a tense political standoff and avoid a potentially catastrophic federal default next week.FULL STORY
Washington (CNN) - House Speaker John Boehner's plan to raise the nation's debt ceiling and slash government spending narrowly passed his chamber on Friday and then was blocked by Senate Democrats, setting up a weekend of negotiations to seek a deal that would avoid a potential federal default next week.
The Senate vote was 59-41 to table the measure, which effectively kills it unless Democrats decide to bring it up again.
CNN Senior Political Editor Mark Preston and Bob Costantini look at the politics of the Debt Ceiling mess. Plus, Grover Norquist says maybe House Republicans should “take one bite of the apple” in terms of spending restraint and enjoy the taste.FULL STORY
Washington (CNN) - House Republicans called off a vote Thursday on Speaker John Boehner's plan to raise the nation's debt ceiling while enacting sweeping cuts in government spending, but the possibility remained that the measure could come up on Friday.
The delay in voting on the proposal revealed a deep rift within the GOP that could undermine the party's latest attempt to avoid an unprecedented national default and stave off potential economic catastrophe.FULL STORY
Washington (CNN) - Competing Democratic and Republican plans to reduce federal deficits and raise the debt ceiling were subjected to a fresh round of criticism Wednesday, as signs of disarray emerged in a House Republican caucus split between unhappy conservatives and a leadership struggling to maintain party unity.
"Get your ass in line," House Speaker John Boehner told his fellow Republicans in the face of divisive infighting over his latest proposal, two GOP sources who attended a Wednesday morning meeting told CNN on condition of not being identified.FULL STORY
Washington (CNN) - A day after competing nationally televised speeches by President Barack Obama and House Speaker John Boehner, talks on a debt-ceiling deal to avert a government default next week generated fresh hostility Tuesday amid some signs of possible movement.
While political leaders continued sniping at each other's latest proposals, conservative Senate Republican Leader Mitch McConnell called for renewed negotiations with Obama and indicated his party must be willing to move away from some of its demands.FULL STORY
WASHINGTON (CNN) - Congress is at a stalemate over raising the federal debt ceiling, and Americans need to pressure their elected representatives to work out a compromise that will avoid a potentially devastating default, President Barack Obama told the nation Monday night.
In his seventh prime time televised address, Obama sought to increase pressure for congressional leaders to reach a deal that would allow the government to continue borrowing money to pay its debts after August 2.FULL STORY
Washington (CNN) –House Speaker John Boehner walked away from debt talks with President Barack Obama's administration Friday, raising the stakes in the country's ongoing effort to stave off national default.
"In the end, we couldn't connect. Not because of different personalities, but because of different visions for our country," Boehner wrote in a letter to his fellow Republicans.FULL STORY