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Ex-Bush budget director: Pushing debt ceiling deal to deadline could risk economic recovery

Even the possibility of failing to lift the debt ceiling in the debate over funding Obamacare could risk the economic recovery, said George W. Bush’s former budget director. Jim Nussle, who served in the Bush White House and for eight terms in Congress, said Tuesday on CNBC that brinksmanship over…

Obama tells Republicans: If we don’t raise the debt ceiling, we are deadbeats

President Barack Obama warned Friday that America would become a “deadbeat” nation if conservative Republicans refuse to raise the government’s debt ceiling by next month and throw the economy into crisis. Obama traveled to a car plant in Missouri to slam Republicans who are threatening to make an increase in…

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…

White House gives grudging welcome to debt limit plan

The White House said Tuesday that President Barack Obama would not block a Republican plan to extend government borrowing authority by three months but would prefer a longer term debt ceiling hike. Defusing a showdown with Obama, Republican House leaders are ready to permit the government to borrow more money…

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…

Little economic impact from U.S. debt deal: analysts

Spending cuts in the new deal to slash the US deficit and raise the borrowing ceiling will not have much immediate effect on the economy — or the deficit itself, analysts said Monday. Heralded as a political success that averts the United States being forced to default on its debt,…

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