(CNNMoney) - The budget focus on Capitol Hill is whether lawmakers will do the bare minimum and agree on a spending level for this fiscal year before funding runs out on January 15.
But soon enough, they will have to turn their attention to raising the debt ceiling.
New York (CNNMoney) - Both President Obama and Mitt Romney share a similar goal when it comes to the federal debt: They want to get it under control.
How they would do it differs greatly. Obama's goal is more restrained; he wants to keep deficits from growing faster than the economy. Romney's aim is to flat-out balance the federal budget in eight years. (Related: The candidates and the fiscal cliff)
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NEW YORK (CNNMoney) - With the clock ticking down, House Speaker John Boehner will rewrite his debt ceiling legislation to ensure that it meets his oft-stated pledge to cut spending more than Congress increases the federal borrowing limit.
That was the word from Boehner's office after the Congressional Budget Office on Tuesday evening estimated that the Budget Control Act of 2011 would reduce deficits by only $851 billion over 10 years.
NEW YORK (CNNMoney) – Underscoring the need for swift congressional action, the Treasury Department on Friday reiterated its Aug. 2 deadline for raising the debt ceiling.
Treasury urged Congress "to avoid the catastrophic economic and market consequences of a default crisis by raising the statutory debt limit in a timely manner," according to a statement.