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House Republicans pass restrictive debt ceiling bill
The US House passed a Republican bill along party lines Thursday that lawmakers say would remove the threat of default, while requiring the government to prioritize its debt and pension payments. The legislation would allow the US Treasury to borrow beyond its legal limit in order to pay down government…
Congress postpones ‘debt ceiling’ deadline
The US Congress on Thursday suspended the country’s debt ceiling until May, giving lawmakers three months for high-stakes budget negotiations and averting a potentially catastrophic default. The Senate voted 64 to 34 in favour of the bill, which had already passed in the House of Representatives last week, authorising the…
House votes to lift debt ceiling until May
The House of Representatives voted on Wednesday to suspend the US debt ceiling until May, averting a potential default crisis and buying time for high-stakes budget negotiations. The bill now goes to the Senate where it is expected to pass and then be approved by President Barack Obama, defusing tensions…
Maddow: Obama’s stance on debt ceiling shows ‘evolution’ in strategy
Rachel Maddow said on her Friday night show that Obama’s first term taught the president some tough lessons on partisanship and pushing his agenda. The book Do Not Ask What Good We Do, by Robert Draper, and a new PBS documentary about the GOP’s plans to obstruct Obama’s agenda, illustrate…
House Republicans back 3-month debt limit increase
Republicans proposed a three-month increase to the US debt ceiling Friday as they lean toward breaking a protracted fiscal impasse, but warned any long-term deal would require Congress to pass a budget that cuts spending. The Republican-led House of Representatives will hold a vote next week on the temporary measure,…
Rep. Hoyer: Debt ceiling fight ‘like taking your child hostage’
At a press conference on Thursday, House Democratic Whip Rep. Steny Hoyer (D-MD) compared Republicans to a hostage taker who threatened to shoot his own child. The Democratic congressman was responding to a question about raising the federal debt ceiling, which Republicans plan to use as leverage to demand spending…
Rep. Gohmert: GOP can ‘leverage’ debt ceiling to force concessions
Rep. Louie Gohmert (R-Texas) said on Friday that Republicans could use the debt ceiling as “leverage” in negotiations with the president on Sean Hannity’s radio show, reported the Huffington Post. “We do have leverage because early next year the debt ceiling gets reached,” Gohmert explained. “And this president has got…
Republicans fail to stop debt ceiling increase
WASHINGTON — The Democratic-led Senate on Thursday saw off a Republican bid to stop the US debt ceiling being raised, ensuring that the Obama administration has no repeat of last year’s borrowing stand off. The Republican motion was defeated with 52 voting against to 44 in favor, with government debt…
Republican-led House ‘disapproves’ debt hike
WASHINGTON — The Republican-led House of Representatives Wednesday passed a largely symbolic measure condemning a hike in the US debt ceiling as political battles over government finances resumed. By a vote of 239 to 176, the lawmakers passed the resolution expressing disapproval of the increase in the US borrowing authority,…
Securities and Exchange Commission to check S&P’s math on downgrade
The US Securities and Exchange Commission has launched a probe into the process by which Standard & Poor’s downgraded the US credit rating, the Wall Street Journal reported. US officials lashed out at S&P after it docked the country’s credit rating from AAA to AA+, accusing the agency of committing…
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