The U.S. government posted its biggest monthly budget surplus in five years as record revenues bolster federal finances and push off a drop-dead date for the debt ceiling.
New Treasury Secretary Jack Lew told CNBC that the United States may not reach its debt ceiling until Labor Day. Just a few months ago, many experts believed that the president and Congress would have to wrestle with the issue well before then. Show More Summary
Federal Debt Ceiling New Treasury Secretary Jack Lew told CNBC that the U.S. may not reach its debt ceiling until Labor Day. Just a few months ago, experts believed that the president and Congress would have to wrestle with the issue well before then. Show More Summary
(CNN) – Previewing the partisan food fight coming this fall over raising the debt ceiling, the House passed legislation on Thursday allowing the Treasury to pay U.S. bond holders if the nation hits its borrowing limit. But the vote doesn't move Congress any closer to a deal to address the nation's fiscal situation - it […]
Uncle Sam could use the money. Fannie Mae’s enormous dividend to be paid next month will cut the federal deficit further and give Treasury more headroom under the debt ceiling. But the benefits erode the cover politicians need to tackle entitlement and other much-needed reforms.
Republicans in the House of Representatives passed a debt prioritization bill on Thursday that one leading Democrat called one of the worst ideas that has ever been brought for consideration in the House. The bill, which passed the House by a 221-207 vote, has already earned House Speaker John Boehner a fair amount of political criticism. Show More Summary
House lawmakers voted Thursday to approve a bill that would direct the Treasury to make payments to holders of U.S. debt and benefits to social security recipients before spending any other public funds in the event the debt ceiling is reached.
With the nation expected to hit the debt ceiling again sometime around October, Republicans have begun discussing what, if any, concessions they will accept in exchange for raising it. But top Democratic House Ways and Means Committee member Rep. Show More Summary
In today’s exercise in Fiscal Fraudulence, Republicans are making it clear they’ve decided they don’t want to enter into budget negotiations with Democrats until the debt ceiling deadline gets a good deal closer. ”The debt limit is the backstop,” Paul Ryan … Continue reading ?
At some point this year, Congress will have to raise the debt ceiling, as well as deal with a host of out-standing budget issues. But rather then try to discuss them in good faith—free of a manufactured crisis—Republicans have all but announced their decision to take some kind of legislative hostage, as soon as they can find one. Show More Summary
Democrats are seizing on an admission from House Speaker John Boehner that a Republican-led bill to prioritize debt payments would pay China before U.S. troops. During an interview with Bloomberg TV on Tuesday, Boehner was asked about the Full Faith and Credit act, which is expected to come to a House vote this week. Show More Summary
The United States is again approaching its debt limit, though an improving economy and new revenues have pushed the deadline for when it will need to be raised as far back as October. And yet again, Republicans are pushing legislation that amounts to nothing more than a phony fix to the issue, a bill known [...]
Welcome to Wonkbook, Ezra Klein and Evan Soltas’s morning policy news primer. To subscribe by e-mail, click here. Send comments, criticism, or ideas to Wonkbook at Gmail dot com. To read more by Ezra and his team, go to Wonkblog. Seriously? Republicans’ … Continue reading ?
House Republicans are locked in a debate over what they should demand from President Obama for hiking the debt ceiling. Read more...
There is nothing more odious in a free society than politicians using the boot of government to make the most basic goods and services unaffordable for the majority of the country, thereby engendering a need for subsidization. In one...Show More Summary
"It's never been easy for House Republicans to raise the debt limit." With that opening sentence, Jake Sherman and Steven Sloan of Politico provided air cover for the GOP's unprecedented—and dangerously irresponsible—debt ceiling hostage-taking. Show More Summary
The federal debt is at more than $16.8 trillion and counting. In less than two weeks, the amount of money that Uncle Sam can borrow to pay his (our) bills will need to be increased. The Treasury Department has said it can take "extraordinary...Show More Summary
Here’s a little Washington tale only an accountant could love — or a new Treasury secretary about to run up against the debt ceiling. The story begins in 2008 when the Bush Treasury declared that Fannie Mae and Freddie Mac, … Continue reading ?