debtceiling
Biden Administration officials reportedly have turned to new legal routes ahead of an impending debt-ceiling crisis. Officials in the Justice and Treasury Departments are reportedly looking at challenging the constitutionality of the very idea of the debt limit. The White House has been staring down House Republicans after GOP representatives narrowly passed a bill to slash government debt spending. The debt is capped at $31.4 trillion – a number that Treasury Secretary Janet Yellen warned would force the U.S. into default by June. She says the government will not be able to pay its bills if t...
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The United States hit its debt ceiling on January 19, and Congress must raise the debt ceiling in the next few months to avoid economic catastrophe. Until then, the federal government will rely on “extraordinary measures” to pay its bills. Senate Majority Leader Chuck Schumer has indicated a desire to raise the debt ceiling and has directly called out the Republican-controlled House for plotting to obstruct his efforts. “The plan is to get our Republican colleagues in the House to understand they’re flirting with disaster and hurting the American people. And to let the American people understa...
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Treasury Secretary Janet Yellen warned Congress that the U.S. will reach its statutory debt limit next Thursday. She pled with House Speaker Kevin McCarthy to take the necessary steps to either suspend or increase the debt limit. In a letter to Congress, Yellen said the Treasury Department will take “extraordinary measures” to fulfill the government’s fiscal responsibilities. She stated that programs like “Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments,” all are jeopardized if Congress doesn’t increase the debt limit. “F...
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Former President Donald Trump said that Senate Minority Leader Mitch McConnell (R-Kentucky) should be impeached if supports a plan to eliminate the debt ceiling that has been championed by Democrats — even though there’s no such a mechanism. Members of Congress can’t be impeached. Representatives and senators may only end their terms early in case of death, resignation or by expulsion from the chamber. Trump made the remarks during an interview with conservative radio host John Fredericks, who asked him about the potential deal to eliminate the debt ceiling. The former president claimed that D...
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United States Sen. Raphael Warnock (D-Georgia) has implored his Democratic colleagues to amend the filibuster rules to fast-track voting rights legislation as Republicans in 49 states have proposed or enacted laws that disenfranchise voters and threaten to severely erode American democracy. In a powerhouse speech on the Senate floor, Warnock said that “the judgment of history” places the responsibility on Democrats to protect voting rights. He premised his argument on the recent changes that were made to the filibuster in order to secure an increase in the debt ceiling. “I have to tell you tha...
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The United States Senate on Tuesday approved a bill that would increase the debt ceiling by $2.5 trillion until 2023. The vote was 50-49 along party lines in the evenly-divided body. Once it officially clears the Senate, the legislation is expected to quickly pass in the Democratically-controlled House of Representatives and be sent to President Joe Biden‘s desk for his signature. United States Treasury Secretary Janet Yellen had previously warned that if a deal was not reached by December 15 that the federal government risked defaulting on its obligations, which would have catastrophic impact...
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The United States House of Representatives on Tuesday passed a bill in a 220-212 vote that creates a one-time workaround for Congress to quickly raise the debt ceiling. Extending the federal government’s borrowing limit has been a political hot potato for more than a decade, resulting in a governing-by-crisis pattern that periodically sparks fears of a catastrophic default on the nation’s $29 trillion national debt. The news follows an agreement that was reached between Senate Majority Leader Chuck Schumer (D-New York) and Minority Leader Mitch McConnell (R-Kentucky) on Tuesday afternoon. The ...
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The December 15 deadline set by United States Treasury Secretary Janet Yellen for lawmakers on Capitol Hill to extend the federal government’s borrowing limit – and avoid a catastrophic default on the national debt – is fast approaching. But leaders inside both political parties are mired in slogging negotiations with little to show for it. “We agree to kind of keep talking, working together to try to get somewhere,” Senate Minority Leader Mitch McConnell (R-Kentucky) said on November 18 following a meeting he held with Majority Leader Chuck Schumer (D-New York). Congress last raised the debt...
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Former President Donald Trump blasted United States Senate Minority Leader Mitch McConnell (R-Kentucky) for failing to prevent the passage of President Joe Biden‘s landmark bipartisan Infrastructure Investment and Jobs Act, which Biden signed into law on Monday. The blistering, unprovoked, insult-laden statement issued by Trump’s Save America political action committee, the ex-commander in chief ripped also McConnell for agreeing to increase the debt ceiling, which Trump believes is a losing issue for Republicans. “McConnell is a fool and he damn well better stop their ‘Dream of Communism Bill...
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On Thursday night, President Joe Biden signed a bill to increase the debt limit until December, temporarily preventing a default. The bill passed 219-206 the U.S. House on Tuesday. “The measure would authorize the Treasury Department to continue paying loans for the country’s $28 trillion in debt,” House Speaker Nancy Pelosi said on the House floor Tuesday. “The debt ceiling is expected to last until about Dec. 3.” “Addressing the debt limit is not about future spending, as some have tried to represent. This is about meeting obligations that the government has already incurred, including fro...
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