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Obama praises ‘gang of six’ debt ceiling proposal

US President Barack Obama said Tuesday that “some progress” has been made in tough debt talks, as he congratulated a bipartisan group of senators busy hammering out a “balanced approach.” “Some progress was made, in some of the discussions. Some narrowing of the issues,” the president told journalists as Democrats…

Cornyn: Constitutional argument for raising debt ceiling is ‘crazy talk’

Sen. John Cornyn (R-TX) said Sunday that it was a mistake to argue that it is unconstitutional not to raise the debt ceiling. Section 4 of the 14th Amendment reads: “The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions…

Cantor could rake in windfall if debt ceiling isn’t raised

Economists have said that failing to raise the debt ceiling could be catastrophic for the U.S. economy, but at least one lawmaker stands to gain financially if the country defaults on its debts. House Majority Leader Eric Cantor’s (R-VA) latest financial disclosure statement indicates that he owns up to $15,000…

Obama warns of ‘significant’ default impact

President Barack Obama warned Wednesday that a failure to raise the US debt ceiling could trigger “significant” and “unpredictable” damage to the fragile US economy and smother job growth. “If the United States, for the first time, cannot pay its bills, if it defaults, then the consequences for the US…

Debt crisis could trigger economic meltdown: Obama

WASHINGTON (AFP) – Delay in raising the US debt ceiling could reverse the fledgling recovery and trigger a new economic meltdown, US President Barack Obama said in a interview broadcast on Tuesday. “We could actually have a reprise of a financial crisis, if we play this too close to the…

Obama warns on debt ceiling risk

WASHINGTON (AFP) – President Barack Obama warned the United States risked plunging back into recession if a standoff over the US debt ceiling lingers, as a top Republican said he was ready to cut a deal. The United States is due to hit the $14.29-trillion ceiling set by Congress on…

Debt warning rocks US economy

WASHINGTON (AFP) – Ratings agency Standard & Poor’s has cut the outlook on US sovereign debt to “negative”, raising doubts about Washington’s ability to tackle its huge debt and fiscal deficits. The move, the first time S&P has ever placed such a warning on the US’s gold-standard AAA rating, raised…

GOP plan to avoid US default: Pay China before anyone else

Legislation introduced by Senator Pat Toomey (R-PA) would force the United States government to make interest payments on the national debt a first priority if Congress fails to raise the debt ceiling. The bill is intended to prevent the US from defaulting on its loans by forcing the government to…

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