The president and his negotiators believe they worked out a deal that allowed Republicans to claim big spending cuts even as the reality was far more modest.
Category: House of Representatives
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How to Enforce a Debt Deal: Through ‘Meat-Ax’ Cuts Nobody Wants
The debt-limit legislation includes a provision meant to force both sides to pass additional bills following through on their deal: the threat of automatic cuts if they fail to do so.
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Despite Debt Limit Deal, 14th Amendment Questions Linger
President Biden has been considering ways to challenge the constitutionality of the debt limit to defuse the risk of default.
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Yellen’s Debt Limit Warnings Went Unheeded, Leaving Her to Face Fallout
The Treasury secretary, who considered ways to contain the fallout of a default when she was a Fed official in 2011, had urged Democrats to raise the limit while they still had control of Congress.
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Time Is Running Out for Congress to Raise the Debt Ceiling
With a June 5 deadline looming, there is much to be done to prevent the default that leaders of both parties said would never happen.
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Investors See Hope for a Debt Limit Deal
Stock and bond trading suggest that investors see an imminent deal to raise the debt limit and prevent the federal government from defaulting.
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Military Spending Emerges as Big Dispute in Debt-Limit Talks
President Biden has offered to freeze discretionary spending, including for defense. Republicans want to spend more for the military, and cut more elsewhere.
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McCarthy Renews Call for Spending Cuts as Debt Talks Resume at White House
With a potential default just over a week away, the House speaker is maintaining pressure for a rollback in spending in exchange for raising the borrowing limit.