Treasury Department
Split in U.S. House GOP raises potential for government shutdown this fall
WASHINGTON — Members of Congress jetted off for the August recess without a plan in place to avoid a partial government shutdown when the new fiscal year begins Oct. 1 — and the lawmakers who write spending bills acknowledge that it’s a real possibility, given deep divisions. The stalemate stems from a split among House […]
U.S. risks debt default in early June, congressional budget office agrees
WASHINGTON — The federal government could default on its debt during the first two weeks of June without action on bipartisan legislation, according to the Congressional Budget Office. The nonpartisan budget scorekeeper issued an updated report Friday, warning that “if the debt limit remains unchanged, there is a significant risk that at some point in […]
U.S. House GOP unveils plan on debt ceiling, spending cuts; Biden slams ‘wacko notions’
WASHINGTON — U.S. House Republicans unveiled a debt limit proposal Wednesday that would lift the nation’s borrowing capacity by $1.5 trillion or suspend it through March. The bill, introduced by Speaker Kevin McCarthy, carries along with it numerous Republican initiatives that are unlikely to get the bipartisan support necessary to clear the divided Congress. That […]
U.S. House speaker vows vote soon on spending cuts coupled with debt limit increase
U.S. House Speaker Kevin McCarthy traveled to the New York Stock Exchange on Monday to press for the Republican approach to raising the nation’s debt limit in front of a new audience, calling on Democrats to agree to future spending cuts without any tax increases. McCarthy repeatedly criticized President Joe Biden and blamed him for […]