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Joe Biden and House Speaker Kevin McCarthy (R-CA) have come to a deal on the debt ceiling negotiations.House GOP Speaker Kevin McCarthy announces the debt ceiling deal will have "historic reductions in spending…no new taxes, no new government programs…" pic.twitter.com/7VWACUXrfI— Kevin Tober (@KevinTober94) May 28, 2023The news is that they intend to lift the debt ceiling and apply new caps on spending.McCarthy said there would be “historic reductions in spending…no new taxes, no new government programs.”He said they still had more work to do to finish the writing of it, but that it was an agreement “worthy of the American...

NEW YORK, June 5 (Reuters) - Investors are bracing for a wave of U.S. government bond issuance as the Treasury plans to refill its depleted coffers quickly after the recent suspension of the debt limit. The Treasury General Account has fallen sharply since January when Treasury hit its limit on borrowing. Cash balance targets indicate it will need to rebuild its account quickly now that the borrowing cap has been lifted.

A CNN poll revealed that 60 percent of Americans wanted meaningful cuts before a debt limit rise. Another 15 percent wanted the United States to default. Only 25% wanted the debt ceiling raised unconditionally.The concern was that the United States would default on its debt. This was a fearmongering falsehood. Treasury Secretary Janet Yellen never produced actual numbers, and she changed the default date several times. The truth of the matter is that the federal revenue cash flow easily would easily have covered all debt payments while temporarily delaying some contact payments.Nonetheless in an overwhelming bipartisan vote (the House --...

President Joe Biden will deliver his first Oval Office address as president from behind the Resolute Desk as he seeks to hold up the bipartisan achievement of avoiding a default on the nation's debt. The speech is set to be a victory lap after the House and Senate on Thursday passed through the budget agreement Biden negotiated with House Speaker Kevin McCarthy. It imposes flat funding for the next fiscal year, with a 1 per cent cut the next, while expanding work requirements for food stamps – but also accomplishes Biden's top goal of avoiding default.

When debt ceiling negotiations reached a fever pitch, President Biden made a crucial mistake. To steal a word coined by former President George W. Bush, he severely misunderestimated the strategic prowess of Republican House Speaker Kevin McCarthy (Calif.). In doing so, Biden inadvertently paved the way for McCarthy and the Republican Congress to achieve remarkable conservative victories that will have a lasting impact on the nation. House Republicans’ shrewd maneuvering resulted in the largest reduction in spending in history — a rollback of nondefense spending to fiscal 2022 levels, the implementation of work requirements for government benefit programs, and the...

Conservative House Republicans are already voicing criticism about the agreement in principle to cap spending and raise the debt ceiling announced late Saturday as the White House and GOP leadership work to avoid a default on the nation’s debt. Rep. Dan Bishop (R) tweeted a vomiting emoji to express his thoughts on the proposed deal, noting that RINOS, or Republicans in Name Only, were “congratulating [Speaker Kevin] McCarthy [(R-Calif.)] for getting almost zippo in exchange for $4T debt ceiling hike.” “Actually, it’s so bad they won’t give a figure for the debt ceiling hike … only that it’s suspended til...

Senate Republican Leader Mitch McConnell (R-Ky.) is calling on Senate colleagues, including conservative members of his conference, not to drag out the consideration of the debt-limit deal, which could be delayed past the June 5 deadline if senators use every procedural tool available to slow it down. McConnell applauded Speaker Kevin McCarthy (R-Calif.) for winning significant concessions from President Biden, including a cut in non-defense discretionary spending, a recission in funding for the Internal Revenue Service, new work requirements for federal assistance programs and permitting reform for major energy projects.

The recent bipartisan deal to end the government shutdown and avoid government default, did not raise the debt ceiling but in effect removed any ceiling until February 7 next year. With no new ceiling to bump against the debt went up a record $328 billion just a day after the deal passed. This far surpassed the $238 billion record set two years ago. The huge leap is largely blamed on the government replenishing its supply of extraordinary measures by repaying Federal Funds it borrowed to prevent hitting the debt ceiling earlier. It will now be prepared if there is no...

So what was accomplished by the government shutdown? Peter Beinart declares that, contrary to conventional wisdom, the resolution of the shutdown was a Republican victory because their "surrender" consisted of perpetuating federal spending at sequester levels. But I think what was accomplished was bigger. What was accomplished was that the conservative base communicated how serious it really is about reducing the size of government. The usual game in which the Democrats try to grab for as much as they can get, and Republicans fight back by giving them only half of it—and the result is that government still keeps growing,...

<p>Senate Republicans emerged Wednesday from the Capitol meeting that ended the shutdown and debt ceiling crisis at least for a couple of months, saying, “Never again,” followed by, “I told you so.</p>

The final deal to avert a breach of the debt limit and end the government shutdown included what has been described as a “small concession” to Republicans: tightening the income verification measures for customers on the Obamacare insurance exchanges to qualify for subsidies. But considering the hurdles associated with this step – and the enormous IT problems we’ve already seen with the exchanges – the concession may not be small at all. As one prominent health care expert tells Salon, the impact could contribute to an attempted sabotage of the law by those who want to see it repealed. Rather...

... Obama will deliver a statement on Thursday at 10:35 a.m. about the need for Democrats and Republicans to work together on fiscal issues following the 11th hour deal in Congress that ended a 16-day government shutdown and averted a debt default. "I'll have more to say about this tomorrow...

October 16, 2013 Minutes After Debt Ceiling Is Raised, Obama Shows Up With List Of Things To Spend Money On Stephen Kruiser Start learning Mandarin, kids. “In fact, there are things that we know will help strengthen our economy that we could get done before this year is out,” said Obama from the White House briefing room. “We still need to pass a law to fix our broken immigration system. We still need to pass a farm bill. And with the shutdown behind us and budget committees forming, we now have an opportunity to focus on a sensible budget that...

Sen. Lindsey Graham was the only Republican in South Carolina’s GOP-dominated congressional delegation who voted for the deal that reopened the federal government. “This agreement is far from great news, but it brings to an end, at least temporarily, a disaster,” Graham said. “It stops the bleeding and gives us a chance to regroup. On the positive side, the agreement preserves the spending caps and makes modest changes to protect taxpayers from what will be rampant fraud in Obamacare income-verification procedures.”

The dollar and European shares fell on Thursday as market relief at a last-ditch U.S. budget deal gave way to worries over the economic impact of the 16-day government shutdown and prospects of a re-run early next year. Chinese credit agency Dagong, downgraded the U.S. sovereign rating to A- from A with a negative outlook, driving further dollar losses.

Capitol Hill talk regarding the Senate deal apparently includes a provision that would take away the Congress’ power to increase the debt ceiling. According to Politico, it looks like the buzz appears to be true.: The plan includes a proposal offered by McConnell in the 2011 debt ceiling crisis that allows Congress to disapprove of the debt ceiling increase, which means lawmakers will formally vote on whether to reject a debt ceiling increase until Feb. 7. Obama can veto that legislation if it passes. If Congress fails as expected to gather a two-thirds majority to override the veto, the debt...

Sens. Bernie Sanders (I-Vt.) and Sheldon Whitehouse (D-R.I.) warned Friday that President Obama faces turmoil in the Senate and in his reelection campaign if he includes Social Security cuts in any debt-ceiling deal. The senators said the White House has not communicated effectively to Senate Democrats and they and their rank-and-file colleagues are being frozen out of the process. “I have talked to some of my colleagues, including some that you might not expect, who say if [White House officials] bring to the Senate a piece of crap that comes down heavy on working families and children and the elderly...