Treasury is running out of cash, leaving little time to resolve a debt ceiling standoff that could result in default.
Category: Federal Budget (US)
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Biden and McCarthy to Discuss Debt Limit as a Possible Default Looms
The president will host the House speaker and other congressional leaders at the White House on Tuesday to discuss their impasse over the debt ceiling and spending cuts.
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In Debt Limit Talks, Biden and Republicans Start Far Apart
As the president prepares to meet with Speaker Kevin McCarthy this week, his budget shares little common ground with spending and tax proposals from House Republicans.
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With Default Looming, What Can Biden Do?
The president has not wavered in his calls for Republicans to raise the nation’s borrowing limit without condition. Privately, his aides have discussed other paths.
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House Democrats Move to Force a Debt-Limit Increase as Default Date Looms
House Democratic leaders who have been quietly planning a strategy to force a debt ceiling increase to avert default began taking steps on Tuesday to deploy their secret weapon.
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Is the Debt Limit Constitutional? Biden Aides Are Debating It.
As the government heads toward a possible default on its debt as soon as next month, officials are entertaining a legal theory that previous administrations ruled out.
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U.S. Could Run Out of Cash by June 1, Yellen Warns
Janet L. Yellen, the Treasury secretary, called on Congress to raise or suspend the debt limit so the United States could continue paying its bills.
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Biden Faces His First Big Choice on Debt Limit
After Republicans passed a bill that pairs spending cuts and fossil fuel support with raising the nation’s borrowing cap, the president must decide when and how to negotiate
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The Debt Ceiling Debate Is About More Than Debt
Republicans’ opening bid to avert economic catastrophe by raising the nation’s borrowing limit focuses more on energy policy than reducing debt.
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House G.O.P. Eyes Rescinding Unspent Covid Money as Part of Its Fiscal Plan
Estimates put the amount of leftover money between $50 billion and $70 billion. But even if Republicans could claw it back, it would not make much of a dent in the deficit.
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House G.O.P. Unveils Debt Limit Bill Lifting Borrowing Cap for One Year
The proposal would impose work requirements on food stamp and Medicaid recipients and repeal funding to beef up tax enforcement.