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Republicans demand debt ceiling proposal from White House

WASHINGTON (Reuters) – Top Republicans on Wednesday pressed the White House to reveal its proposed terms for a deal to increase the country’s borrowing authority, as officials indicated a $2 trillion hike would be needed to stave off a debt default through the 2012 U.S. elections. With the United States…

Boehner flirts with debt default if Dems don’t accept Medicare cuts

WASHINGTON – Speaker John Boehner (R-OH) said the House may refuse to vote on raising the debt limit, which could force the United States into default in the next few months — potentially inciting an economic calamity. “If the president doesn’t get serious about the need to address our fiscal…

Geithner certain debt ceiling will be raised

WASHINGTON (AFP) – Treasury Secretary Timothy Geithner expressed confidence Sunday that feuding US political parties will reach an agreement to lift the country’s debt limit before its is forced into default. With Republicans demanding long-term spending cuts in return for voting to raise the debt ceiling, Geithner said the administration…

GOP threatens to force America into default if Dems refuse major spending cuts

WASHINGTON – The grueling 2011 budget debate that brought the federal government to the brink of a shutdown might end up looking mild in the face of the next fiscal battle: the debt ceiling. That’s because Republicans are openly threatening to use the calamitous possibility of a U.S. default as…

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…

GOP fundraiser canceled after congressman claims Obama ‘favors’ blacks

The Republican Congressman who suggested that President Obama “has a default mechanism in him that breaks down [on] the side of race” has already been widely criticized for his remark. But adding insult to injury, even a Republican candidate has now canceled a fundraiser where Rep. Steve King (R-IA) was…

Lawyers say no criminal charges for AIG

The Justice Department has decided not to file criminal charges against the former head of a division at American International Group Inc. whose dealings in mortgage-related securities nearly bankrupted the company and led to a controversial government bailout, according to lawyers involved in the cases. The decision appears to bring…

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