In a floor speech Wednesday, Sen. Marco Rubio (R-FL) falsely claimed that the debt ceiling is critical to saving future generations from inheriting a crippling national debt. Rubio, who is widely expected to seek his party’s presidential nomination in 2016, insisted that the Senate forbid its budget conferees from including an increase to the debt [...]
Good C-SPAN fun on an ongoing theme. First up, warhorse Sen. John McCain (R-Arizona) accuses newbie liberty-movement Sen. Mike Lee (R-Utah) of not understanding the basic Senate rules about reconciliation, as applied to debate over raising the federal debt ceiling yet again: Then freshman Sen. Show More Summary
On Thursday, Sen. Ted Cruz (R-TX) challenged Sen. John McCain (R-AZ), saying he would attend a Houston Astros home game in an Arizona Diamondbacks cap if McCain could produce a written letter with signatures of a majority of Republicans...Show More Summary
Not even as far as he can throw 'em.
Senator Ted Cruz spoke out against his own party on the Senate floor this afternoon as John McCain urged Republicans to move forward in naming a budget conference committee to reconcile differences with the House's budget. Cruz worried...Show More Summary
The grace period between February and mid-May, when the US spent like a drunken sailor without regard for even structural limitations, and raked up over $300 billion in debt, or said otherwise when it was without an official debt limit,...Show More Summary
The government once again has resorted to a financial maneuver involving federal employee retirement savings pending an increase in the national debt limit. The Treasury Department has notified Congress and the Thrift Savings Plan that because a temporary suspension of … Continue reading ?
1. U.S. HITS DEBT CEILING SECOND TIME THIS YEARThe U.S. bumped up against its borrowing limit Sunday, forcing the Treasury Department to employ "extraordinary measures" to make sure the government keeps paying its bills. Congress agreed to suspend the nation's $16.4 trillion borrowing limit the last time they approached it, in January. Show More Summary
While many may not recall that the US has been without an official debt ceiling for the past three months, or even that it has a debt target ceiling, the bonus period agreed upon in January to let the nation rake up some $400 billion...Show More Summary
Any confrontation over the nation’s debt ceiling is now unlikely till after Labor Day. The government is expected to hit the debt ceiling this weekend, but Treasury Secretary Jack Lew said in a letter Friday that “extraordinary measures” would likely...
They'll demand a ransom, but the mere fact that they are already talking about the need to raise the debt limit just proves that they are bluffing. Jake Sherman: The House Republican leadership is considering releasing its debt ceiling...Show More Summary
The oddest thing about the chatter in Washington about the coming debt ceiling crisis is that it sidesteps the most important thing about it. I’m talking about the fact that the leadership in both parties agrees that the debt limit … Continue reading ?
New York (CNNMoney) - The debt ceiling clock is about to start running again. The U.S. Treasury on Friday began using "extraordinary measures" to keep the country from defaulting on its obligations. As part of a budget compromise in February, lawmakers suspended the country's legal borrowing limit at $16.394 trillion, and let Treasury keep borrowing […]
The U.S. government will bump up against the federal debt limit this weekend, though a series of emergency steps will allow it to continue paying all of the nation's bills until at least early September, Treasury Secretary Lew said.
WASHINGTON (Reuters) - The Obama administration on Friday notified Congress it was prepared to take extraordinary steps to allow it to keep paying the nation's bills once a temporary suspension in the government's debt ceiling lapses this weekend.
------------------------------------------------------------------------- The Honorable John A. BoehnerSpeakerU.S. House of RepresentativesWasrungton, DC 20515Dear Mr. Speaker:WASHINGTON, D.C.May 17, 2013As provided by Public Law 113-3, the statutory debt limit was suspended by Congress throughMay 18, 2013. Show More Summary
At noon on Friday, the Treasury Department began the latest round of accounting contortionism brought on by Republicans’ refusal to raise the debt ceiling. CNN Money explains that a financing mechanism to aid state and local governments will be the first casualty: The debt ceiling clock is about to start running again. The U.S. Treasury [...]
Congressional Republicans have no reason to use the debt ceiling to hold the nation hostage again. None. The deficit is already shrinking with remarkable speed; the last GOP debt-ceiling crisis did real harm to the nation; GOP leaders have ruled out default; and Republican lawma …
Last week, the House passed a bill that would require bondholders and Social Security beneficiaries to be paid first in case of a failure to raise the ceiling on the national debt later this summer. While the bill passed, there’s doubt it will get past the Democratic majority in the Senate; the White House has [...]Show More Summary