Month: September 2021

White House rules out concessions over debt ceiling while GOP refuses to help avert crisis

Republicans raised the debt ceiling with the Trump administration but say Democrats now own the issue. The White House is in a bind over the potential breach of the federal debt ceiling as GOP lawmakers refuse to help Democrats avert a national financial catastrophe, leaving the administration with few easy answers as time runs out. Senate Minority […]

‘Financial Armageddon.’ What’s at stake if the debt limit isn’t raised

The easiest way to spark a financial crisis and wreck the US economy would be to allow the federal government to default on its debt. It would be an epic, unforced error — and millions of Americans would pay the price. And yet that unlikely situation is once again being contemplated. If Congress doesn’t raise the […]

Our $28 Trillion National Debt Is Coming Due

If we don’t stop our runaway national debt, it will require much higher taxes and dramatic cuts in spending. Last September, the Congressional Budget Office (CBO) predicted the federal debt wouldn’t hit $29 trillion until 2028. Just short of a year later, the national debt stands at $28.6 trillion and is set to surpass $29 trillion within […]

Biden pressured Manchin to back $1.9T stimulus deal during last-minute phone call, book says

‘If you don’t come along, you’re really f—ing me,’ Biden reportedly said during the call Democrat Manchin has ‘serious concerns’ about $3.5T spending plan Fox News congressional correspondent Chad Pergram has the details on ‘Fox Business Tonight’ President Biden issued a stark warning to Sen. Joe Manchin, D-W.Va., during a phone call ahead of a critical […]

Republicans grow defiant against raising the nation’s debt limit

Republicans are digging in on their promise to vote against increasing the debt ceiling, lining up in defiance even as Democrats look for ways to pick off votes by attaching the measure to a must-pass spending bill. When lawmakers return to Washington next week, they’ll be met with a pile of deadlines: 10 days to fund the government […]

White House briefs Senate Democrats about debt-ceiling strategy ahead of GOP fight

Biden administration officials are briefing senior Democratic Senate aides about why Congress needs to raise or suspend the federal debt limit. Why it matters: By coordinating its message with Congress, the White House is trying to ensure Democrats stay unified on a simple argument: that 97% of the $28.7 trillion national debt was incurred before President Biden assumed […]