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McConnell promises GOP senators will hold debt ceiling hostage

Senate Minority Leader Mitch McConnell (R-KY) issued a stern warning Sunday that no Republican senators would vote to raise the debt limit if Democrats don’t take what he called a “credible effort” to deal with the country’s debt. “I don’t intend to support raising the debt ceiling and I don’t…

Japan earthquake rocks markets

LONDON — World equities slid and the safe-haven yen steadied in volatile trade Friday after a huge earthquake in major economic power Japan, as dealers tracked a eurozone summit and unrest in the Arab world. A devastating 8.9-magnitude earth quake rocked Japan at 0546 GMT, unleashing a 10-metre high tsunami…

House Budget Chair Paul Ryan pushing entitlement cuts in member meetings

Rep. Paul Ryan (R-WI), the chair of the House Budget Committee, isn’t just trying to win support for a year’s worth of discretionary spending cuts. According to Mike Allen of Politico, Ryan is meeting with Republican members of Congress in House Republican Whip Kevin McCarthy (R-CA) in groups of 10-15…

US could reach debt limit by April 15: Treasury

WASHINGTON – The United States is likely to hit its $14.29 trillion debt limit a little later than expected, the US Treasury said Tuesday, as lawmakers worked to avert a government shutdown. “The Treasury Department now estimates that the United States will reach the debt limit between April 15, 2011,…

Special report: China flexed its muscles using US Treasuries

NEW YORK (Reuters) – Confidential diplomatic cables from the U.S. embassies in Beijing and Hong Kong lay bare China’s growing influence as America’s largest creditor. As the U.S. Federal Reserve grappled with the aftershocks of financial crisis, the Chinese, like many others, suffered huge losses from their investments in American…

Obama urges tackling major debt problems

WASHINGTON (Reuters) – President Barack Obama on Tuesday called for reforming the gigantic government pension and healthcare programs, as well as simplifying the tax code — steps that would go far beyond the $3.7 trillion budget he proposed this week. At a White House news conference, Obama tried to quell…

US to hit debt limit as early as April 5

WASHINGTON – The United States is poised to hit its legal public debt ceiling of $14.29 trillion between April 5 and May 31, the US Treasury said Wednesday as it seeks congressional action to raise the limit. The latest Treasury estimate came amid a brewing political fight over whether Congress…

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…

White House to release budget on Feb. 14

WASHINGTON (Reuters) – President Barack Obama’s budget proposal for fiscal 2012 will be released on February 14, an administration official said on Friday, setting up a tough fight with Republicans who vow to cut spending. Democrat Obama wants a 5-year, non-security discretionary spending freeze as a downpayment toward curbing the…

Obama approval rises as economy improves: poll

WASHINGTON (Reuters) – President Barack Obama is getting a bump in his approval ratings from an improving U.S. economy but Americans want him to focus on reducing U.S. debt and spending, a Reuters/Ipsos poll showed on Wednesday. The poll found reasons for optimism for Obama as he searches for areas…

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