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Congress no closer to raising federal debt limit despite warnings

WASHINGTON — Warnings that the United States is playing chicken with a debt default came thick and fast Wednesday, but in Washington politicians appeared no closer to avoiding the unthinkable. As Fitch became the latest ratings agency to warn the US credit score could soon be downgraded, Republicans and Democrats…

U.S. hits debt limit, starts dipping into pensions

(Reuters) – U.S. Treasury Secretary Timothy Geithner told Congress he would start tapping into federal pension funds on Monday to free up borrowing capacity as the nation hits the $14.294 trillion legal limit on its debt. The U.S. Treasury will issue $72 billion in bonds and notes on Monday, pushing…

White House: GOP holding economy ‘hostage’ over debt ceiling

WASHINGTON (Reuters) – The White House took a dim view on Tuesday of Republicans’ demand that President Barack Obama accept more than $2 trillion in spending cuts in exchange for their agreement to raise the $14.3 trillion U.S. debt limit. House of Representatives Speaker John Boehner, the top Republican in…

Boehner demands ‘trillions’ in cuts for debt limit increase

(Reuters) – The top Republican in the Congress on Monday laid down a tough new yardstick in talks over the nation’s debt, telling Wall Street that spending cuts must exceed any boost to the U.S. borrowing limit. With less than a week until the United States runs up against its…

WATCH LIVE: Boehner speaks about raising debt ceiling

Watch House Speaker John Boehner speak about raising the legal limit on federal borrowing at the Economic Club of New York, courtesy of MSNBC, below: Visit msnbc.com for breaking news, world news, and news about the economy…

Illinois governor race is still up-in-the-air

Illinois governor race undecided as state’s Senate is set to consider pension borrowing plan Rather than looking ahead to form a new administration to lead Illinois’ government, Democratic Gov. Pat Quinn and Republican challenger Bill Brady were still waiting for results in the governor’s race, among a handful of up-in-the…

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