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U.S. debt deal elusive as default deadline looms
The United States remained on course Wednesday for a potentially calamitous debt default, with common ground still elusive on a deal that would let Washington borrow the cash it needs to to pay its bills. The White House and its divided Republican foes clashed Tuesday but failed to break an…
Politicos Twitter over debt debate
With the White House and Republicans locked in a tense showdown over the US debt, both sides have taken to social network Twitter with a vengeance to score points in 140 characters or less. Since talks began, President Barack Obama’s communications team and their counterparts on House Speaker John Boehner’s…
IMF chief warns of global dangers of U.S. default
IMF chief Christine Lagarde warned Tuesday the clock was ticking on a US debt deal, as the dollar slid to new lows amid concerns of a looming and unprecedented default by the world’s top economy. President Barack Obama, in a solemn late night address to the nation, hit out at what…
Asian shares fall on U.S. default fears
Asian stocks fell on Monday as US talks aimed at raising the country’s debt limit fell apart, raising the spectre of a default, although losses were muted on expectations a deal would be reached. The crisis weighed on the dollar, sending it to its lowest level against the yen since…
Watching the debate, U.S. markets show no panic yet
Market experts are closely following the US debt ceiling talks, but they appear more worried about the economic impact of failure to reach an accord rather than a dramatic slide in the stock market. Still, it is the fear of a dramatically lower stock market opening Monday that has helped…
GOP leader Cantor pulls out of debt limit talks
WASHINGTON – House Majority Leader Eric Cantor (R-VA) abruptly pulled out of debt limit negotiations Thursday, citing an impasse on taxes, with the deadline to raise the ceiling or begin defaulting just six weeks away. “I believe that we have identified trillions in spending cuts,” Cantor said in a statement,…
Boehner: Congress may cut funds for Libya conflict
WASHINGTON — Top Republican lawmaker John Boehner on Thursday hinted at a potential freeze of funds for military operations in Libya, saying the White House had failed to justify US involvement. Influential US senators meanwhile voiced their support for a bipartisan resolution at odds with such a move that would…
White House denies violating War Powers Act in report to Congress on Libya
WASHINGTON — President Barack Obama sent a report to Congress Wednesday insisting that he did not exceed his powers in ordering US military action in Libya. Officials said that the 30-page report justifies US action in the mission to protect civilians and target the forces of Moamer Kadhafi and contains…
CBO: Budget deal cuts 2011 deficit by $352 million, not $38 billion promised
‘Budget cuts’ may even amount to $3.3 billion increase WASHINGTON – The budget deal struck last Friday to avert a government shutdown cuts the fiscal 2011 deficit by just $352 million, not the $38 billion touted by both parties, according to the Congressional Budget Office. A CBO analysis found Wednesday…
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…
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