Economy
Treasury secretary pinpoints June 5 as earliest date for U.S. debt default
WASHINGTON — Republicans in Congress and the Biden administration have until at least June 5 to broker and enact a debt limit bill under new estimates from the Treasury Department, giving negotiators a few more days before the country would default. “Based on the most recent available data, we now estimate that Treasury will have […]
With debt default as soon as a week away, U.S. House jets off for holiday break
WASHINGTON — U.S. House members walked down the steps of the Capitol building Thursday morning to head back to their districts for a Memorial Day recess that began exactly one week before the country could default on the debt. House Democrats took to the floor after the final vote of the week to give a […]
After years of bipartisan spending boosts, U.S. House GOP won’t lift debt ceiling without cuts
WASHINGTON — Republicans and Democrats in Congress together brokered dozens of debt limit agreements, including several during the past decade, marked by a desire in both political parties to increase federal spending. But U.S. House Republicans now are pushing for the federal government to spend less next year than it will this year in order […]
States see record low unemployment across the US
Across much of the country, the jobs market is as strong as it’s ever been, and Black women, young people and people with disabilities are among the workers benefiting, recent U.S. Bureau of Labor Statistics data show. Twenty states reported an unemployment rate under 3% in April, while 15 states saw record lows, led by […]
Progressives try to persuade Biden to use the 14th Amendment to resolve debt crisis
WASHINGTON — Progressives are pushing hard for President Joe Biden to take the unprecedented step of invoking the 14th Amendment as a way to avoid financial calamity if the White House and House Speaker Kevin McCarthy do not strike a deal on the debt ceiling in the coming days. The lawmakers and legal scholars argue […]
Biden and McCarthy strike positive tone after debt limit talks, but no deal yet
WASHINGTON — President Joe Biden and Speaker Kevin McCarthy left their closely watched meeting Monday without an agreement on government spending or the debt limit, prolonging a stalemate that could soon disrupt Americans’ everyday lives as well as the global economy. Both struck a positive tone Monday, though neither divulged details about what remains unresolved […]
A default on the U.S. debt would be far worse than a government shutdown. Here’s how.
WASHINGTON — A U.S. default on its debt would have a significantly broader impact on federal operations, financial markets and the global economy than recent government shutdowns that have left ordinary Americans largely untouched. While the two have been confused frequently during debate over the debt limit, the federal government has had considerable practice with […]
Overhaul federal permitting as part of the debt limit deal? Not as easy as it sounds.
Congressional leaders negotiating a deal to avoid a catastrophic default on the nation’s debt are talking about including an overhaul of how the federal government reviews projects for their environmental impact. There is bipartisan support for changes to the lengthy environmental approval process among climate-minded Democrats eager to speed construction of renewable energy projects, as […]
Some movement reported in debt limit talks as Biden cuts short overseas trip
WASHINGTON — President Joe Biden and congressional leaders struggled to find common ground on the debt ceiling during a Tuesday meeting, though lawmakers said afterward there was some progress toward a deal. Biden and U.S. House Speaker Kevin McCarthy will become the two primary negotiators on a bipartisan debt limit bill that could include other […]
Fast federal response to pandemic key to US economic recovery, economists say
The public health emergency declaration ended on Thursday, and with it some of the policies that helped the U.S. recover from the many of the economic effects of the coronavirus pandemic. Although COVID-19 is still a public health threat, the national economic crisis it created has subsided with the U.S. economy back to its pre-pandemic […]
Biden and congressional leaders fail to reach a debt limit deal, but will meet again Friday
WASHINGTON — President Joe Biden and top congressional leaders were unable to reach a bipartisan debt limit agreement during a closed-door meeting Tuesday, leaving the dispute unresolved as the country moves closer to a default predicted as soon as early June. White House staff and aides to the four congressional leaders, however, will meet throughout […]
Bipartisan group projects U.S. default as soon as early June, citing ‘quite low’ cash flows
WASHINGTON — The U.S. government could default as soon as next month if Congress and the Biden administration can’t reach a debt limit agreement before then, according to a new analysis from the Bipartisan Policy Center. The updated guidance, which puts the default window between early June and early August, adds pressure to President Joe […]