debtlimit
On Thursday night, the Senate passed a bipartisan bill to lift the debt ceiling and cap spending averting a potentially catastrophic default on government debt for the first time in U.S. history by a vote of 63 to 36. The bill now goes to President Joe Biden who has vowed to sign the bill before Monday’s deadline for default. The House passed the bill on Wednesday night. The bill follows weeks of negotiations between the White House and House Speaker Kevin McCarthy (R-California) and marks McCarthy’s most significant bipartisan achievement after struggling to gain support from right-wing Repub...
uPolitics.com
Senate Minority Leader Mitch McConnell (R- Kentucky) offered a short-term suspension of the debt ceiling, just a day after President Joe Biden hinted he is thinking about a so-called “nuclear option,” a proposal from Democrats to carve out filibuster exception, amid the looming fear of default due to the deadlock in the Congress. “Oh, I think that’s a real possibility,” Biden said late Tuesday in Congress when asked about the “nuclear option.” The President had previously declared he would not consider an option of abolishing the filibuster. “To protect the American people from a near-term Dem...
uPolitics.com
Following is the unofficial transcript of a CNBC exclusive interview with United States Treasury Secretary Janet Yellen on CNBC’s “Squawk Box” (M-F, 6AM-9AM ET) today, Tuesday, October 5. Following are links to video on CNBC.com: Q2 2021 hedge fund letters, conferences and more Fully Expect Recession If Debt Limit Not Lifted: Janet YellenJanet Yellen: $1 Trillion Platinum Coin Is 'A Gimmick', Shouldn't Be ConsideredJanet Yellen On Inflation: I Trust Fed To Make The Right DecisionsANDREW ROSS SORKIN: This morning President Biden coming out swinging against Republicans saying there is no guarant...
ValueWalk
Senate Republicans refused to raise the debt ceiling on Monday, blocking a spending bill, which could have potentially prevented the government shutdown this week. The U.S. is now facing what could be a catastrophic shutdown and debt-limit breach. The vote failed 48 to 50, with Senator Chuck Schumer (D-NY) also voting “no.” Schumer himself commented on the failure of the bill. “The Republican Party has now become the party of default, the party that says America doesn’t pay its debts,” he said. “This isn’t your typical Washington fracas, it’s one of the most reckless, one of the most irrespons...
uPolitics.com
President Joe Biden is working on a resolution to raise or suspend the debt limit as Republicans resist his calls to vote for the measure. The bill would require the support of at least 10 Republicans. Without those 10 votes, the U.S. economy could suffer grave consequences, potentially forcing the government to cut back on Medicare benefits and Social Security checks. Democrats could pass the increase without Republicans by using the so-called budget reconciliation bill that only requires a simple majority. Senate Minority Leader Mitch McConnell recently announced that his party would not sup...
uPolitics.com
Democrats are urgently trying to raise the debt ceiling – and they’re relying on GOP support to do it. Democrats elected not to include the increase in their new $3.5 trillion spending package, which would have allowed them to raise the debt ceiling on their own. Even though many Republicans supported raising the debt ceiling during the Trump administration, they are resisting the new push from Democratic congressional leaders. “Democrats have all the existing tools they need to raise the debt limit on a partisan basis,” Senate Minority Leader Mitch McConnell (R-Kentucky) commented. “If they w...
uPolitics.com
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