The growing national debt is on an unsustainable path and must be reduced to avoid long-term damage to the U.S. economy, experts warned on May 4. “With respect to interest rates and soaring debt, we are sitting on a ticking time bomb. Congress should be working diligently to avert an otherwise-inevitable debt crisis,” Brian Riedl,…
US Debt Is ‘Unsustainable,’ Must Be Reduced, Economists Say
May 4, 2023
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Business & MarketseconomyLimit Save Grow Act of 2023Politicssenate finance committeeUSUS debt ceiling
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Both Sides Double Down on Debt Ceiling Positions Ahead of Biden-McCarthy Meeting
President Joe Biden has invited House Speaker Kevin McCarthy (R-Calif.) and other congressional leaders to a meeting on raising the nation’s debt limit, but he has no intention of negotiating on the matter. Instead, the president will use the May 9 sit-down to remind Republicans of their constitutional duty to raise the debt ceiling and…
Yellen Warns US Could Default by June 1 If Debt Limit Not Raised
May 1, 2023
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economyHouse Speaker Kevin McCarthyPolicies & ImpactsPoliticsTreasury Secretary Janet YellenUSUS debt ceilingUS News
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The United States could default on its financial obligations as early as June 1 unless Congress takes action to raise the nation’s $31.4 trillion debt ceiling, according to Treasury Secretary Janet Yellen. Yellen announced the news in a letter to House Speaker Kevin McCarthy (R-Calif.) on May 1. “After reviewing recent federal tax receipts, our…
ANALYSIS: Debt Ceiling Crisis Tests Biden’s Leadership
April 28, 2023
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AnalysiscongressExecutive BranchHouse Speaker Kevin McCarthyOpinionPoliticsUSUS debt ceilingUS President Joe Biden
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News analysis For weeks, President Joe Biden successfully shifted responsibility for the debt ceiling crisis onto the shoulders of House Speaker Kevin McCarthy (R-Calif.). By refusing to risk the “full faith and credit” of the United States in negotiating over the debt ceiling, the president was able to portray the speaker as “holding the economy…
Biden Doubles Down on Call for Clean Debt Ceiling After GOP Debt Bill Passes House
President Joe Biden is ignoring Speaker Kevin McCarthy (R-Calif.) and his repeated call for negotiations on the nation’s debt ceiling following House passage of a Republican debt and spending bill. For weeks, Biden has refused to negotiate over raising the $31.4 trillion debt limit saying that doing so would put the “full faith and credit…
House Passes GOP Debt Limit Bill, Boosting McCarthy’s Position in Standoff With Biden
The House of Representatives approved a Republican plan to temporarily raise the debt ceiling while cutting future spending with a vote of 217–215 on April 26. In a departure from regular order, the vote came less than 24 hours after the bill was formally introduced into the House and just 12 hours after a late-night…
GOP Debt Limit Bill Clears Committee, Clearing Way for House Vote
The Republican debt ceiling and spending plan was approved by the House Rules Committee in the early morning hours of April 26 along party lines, clearing the way for a rapid up-or-down vote by the full House. After a six-hour debate on H.R. 2811, the Limit, Save, and Grow Act of 2023, the committee recessed…
GOP Debt, Spending Plan Passes Committee, Clearing Way for House Vote
The Republican debt ceiling and spending plan was approved by the House Rules Committee in the early morning hours of April 26 along party lines, clearing the way for a rapid up-or-down vote by the full House. After a six-hour debate on H.R. 2811, the Limit, Save, and Grow Act of 2023, the committee recessed…
IN-DEPTH: 3 Things to Know About House Debt Limit Bill Set for Vote This Week
The House of Representatives is expected to vote this week on a Republican plan to raise the debt ceiling while cutting spending and stimulating economic growth. House Speaker Kevin McCarthy (R-Calif.) introduced the Limit, Save, Grow Act of 2023 in a House floor speech on April 19, saying, “We owe it to the American people…
43 Democrats Want to Abolish the Debt Ceiling
The U.S. debt ceiling is a relic from another time that serves no useful purpose and should be abolished, according to 43 House Democrats, an opinion shared by some leading economists. The effort is led by Rep. Bill Foster (D-Ill.), who introduced H.R. 415, the End the Threat of Default Act, which would repeal the…
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