A pitched battle that could go into summer matching President Joe Biden and congressional Democrats versus House Republicans led by Speaker Kevin McCarthy officially began Jan. 19 as Secretary of the Treasury Janet Yellen declared the federal government has officially reached its statutory debt ceiling. “I respectfully request that Congress act promptly to protect the…
Opening Volleys Fired as Biden, House GOP Begin Debt Ceiling Battle That May Last Till Summer
January 19, 2023
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US Reaches Debt Ceiling, Forcing Treasury Into ‘Extraordinary Measures’
The United States has officially reached its statutory debt limit (pdf) of $31.381 trillion on Jan. 19 as was predicted by Treasury Secretary Janet Yellen in a letter to Congress (pdf) on Jan. 13. The Treasury Department will now have to implement extraordinary measures to prevent default on the national debt. In her letter, Yellen explained that…
Capitol Report: GOP Preparing to Impeach Secretary Mayorkas; No Backpay for Troops Discharged for Refusing Vaccine
January 18, 2023
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In the latest move of the Republicans’ probe into President Joe Biden’s classified documents, they are turning their focus back to the Penn Biden center, where the documents were first found. Treasury Secretary Janet Yellen is meeting with China’s top economic official. We assess the current relationship between these two economic superpowers. House Speaker Kevin…
Debt Ceiling Standoff Does Not Address Real Factors in Debt Crisis, Economists Say
January 18, 2023
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News Analysis The dramatic showdown between the Biden administration and the new GOP majority in the House of Representatives over the federal debt ceiling is the latest manifestation of an unsustainable fiscal model, in which the U.S. government indulges in discretionary as well as mandatory spending far beyond its means, and if the two sides…
McCarthy Stands Firm, Rejects Biden Demand for ‘Clean’ Debt Ceiling Hike
Speaker of the House Kevin McCarthy (R-Calif.) rejected President Joe Biden’s demand that Congress increase the nation’s debt ceiling without attaching any conditions such as the spending cuts that virtually all congressional Republicans are demanding. In an informal news conference with reporters just outside the Capitol, McCarthy said “we’re six months away, approximately, and what…
McCarthy Rejects White House Demand for ‘Clean’ Debt Ceiling Hike
Speaker of the House Kevin McCarthy (R-Calif.) rejected President Joe Biden’s demand that Congress increase the nation’s debt ceiling without attaching any conditions such as the spending cuts that virtually all congressional Republicans are demanding. In an informal news conference with reporters just outside the Capitol, McCarthy said “we’re six months away, approximately, and what…
The Debt Ceiling Is the Hammer
December 5, 2022
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Commentary America’s public debt is now over $31.3 trillion! Watch the U.S. debt clock increase in real-time (here) and be shocked and amazed at how fast the debt is increasing. As the U.S. Treasury Department reported, “the national debt ($31.35 T) is the total amount of outstanding borrowing by the U.S. Federal Government accumulated over…
McConnell ‘Should Be Impeached’ If He Backs Debt Ceiling Elimination: Trump
November 3, 2022
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Former President Donald Trump said that Senate Minority Leader Mitch McConnell (R-Ky.) “should be impeached” if he backs a Democrat-led effort to eliminate the debt ceiling. The Democrat push comes amid fears by the majority party that Republicans could use the debt ceiling as a bargaining chip if they take the House, as observers expect….
Bernie Sanders Opposes Eliminating Debt Ceiling as GOP Prepares to Fight Over Spending Cuts
October 24, 2022
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Bernie Sanders, chair of the Senate Budget Committee, supports raising America’s debt ceiling but insists that the practice itself of having a debt ceiling must remain. “You have to increase the debt ceiling,” Sanders insisted while speaking on CNN’s “State of the Union.” When asked whether the debt ceiling must be kept, Sanders confirmed “Yes,…
The National Debt Reaches Another Dubious Milestone
Commentary The national debt just hit $30 trillion. Unfortunately, when the numbers we’re presented with get to a certain point, our eyes tend to glaze over. After all, one trillion is such an incomprehensible amount that the difference between that and 30 trillion is nearly meaningless in terms of our ability to conceive of it….
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