There is also a showdown coming over the debt ceiling, which could lead to a federal government shutdown if a deal is not reached to increase the borrowing limit by October. Few expect the U.S. government will default on its debt and upend the$ 22 trillion Treasury market.... Still, some analysts say a drawn out debt ceiling fight could increase volatility in a U.S. stock market where valuations have become stretched with prices near record highs.... " We expect to see a lot of volatility and

U.S. Treasury Secretary Janet Yellen warned on ABC's" This Week" that Sen.... In the end, the final measure to temporarily raise the debt ceiling passed by a vote of 50-48 with no Republicans voting in favor.... Evan Vucci/ AP Treasury Secretary Janet Yellen speaks during a meeting with President Joe Biden and business leaders about the debt limit in the South Court Auditorium on the White House campus, Oct....

Senate Majority Leader Chuck Schumer announced Thursday morning that a deal had been reached, paving the way for the final vote later in the day.... The announcement came a day after Senate Minority Leader Mitch McConnell publicly floated a debt ceiling proposal, which sparked negotiations between the two parties to reach an agreement.... Read More Yet while the debt limit extension stands to avert immediate economic disaster, it does not resolve the underlying partisan stalemate over the issu

Top Republicans have said they won’t help Democrats raise the limit this year, leading to a showdown in Congress that could rattle markets if it isn’t addressed soon. Here’s a guide to what that means, and how the issue may be resolved: What is the debt ceiling?... Congress limits how much money the government can borrow, and once the limit is reached, lawmakers must raise or suspend the ceiling before the Treasury Department can issue more debt. Does raising the debt ceiling approve new spendi

The red line is that you have simple majority party line vote on the debt ceiling.... Carolyn Kaster/ AP Senate Majority Leader Chuck Schumer of N.Y., speaks during a news conference after the weekly Democratic policy luncheon on Capitol Hill in Washington, Dec.... " We Democrats were always willing to carry the burden....

But to some extent those agenda items pale in comparison to the magnitude of the item Congress needs to begin dealing with this week: The debt ceiling.... The closer the country gets to the October 18 deadline, the less time there will be to back out of a corner and right now neither side is close to blinking.... And Senate votes on Monday night will be a chance to gauge just how nervous Democrats and Republicans are getting about this standoff figured out....

KUALA LUMPUR: Putrajaya decided to raise its statutory debt ceiling to 65% of the gross domestic product( GDP) as it was RM5bil short of reaching the threshold in September, says Tengku Datuk Seri Zafrul Abdul Aziz. The Finance Minister also said the government had spent RM60bil for various programs to combat the pandemic since the start of the year." Based on the current position of Kumpulan Wang Covid-19( KWC), the Finance Ministry is projecting that this year's allocation is insufficient to f

“ The past debt ceiling paid for everything in the Trump administration, plus seven months of this Biden administration.” — House Minority Leader Kevin McCarthy( R-Calif.), in an interview on Fox News, Sept.... Raising the debt limit would cover the cost of programs that were approved in the past.... Administration officials might be forced to renege on, say,$ 20 billion owed to seniors on Social Security, or payments to bondholders who have acquired U.S. debt....

Democrats are now expected to postpone a planned Wednesday afternoon vote to suspend the debt limit to discuss and review McConnell's proposal.... In a statement on Wednesday, McConnell said that Republicans have" already made it clear" that they would" assist in expediting" a process known as reconciliation, which would allow Democrats to raise the debt limit without GOP votes.... Republicans say that Democrats, who control both chambers of Congress and the White House, should act alone witho

CNN — President Joe Biden signed into law Saturday a bill to suspend the nation’s debt limit through January 1, 2025, to avert a first-ever US default.... In addition to addressing the debt limit, the law caps nondefense spending, expands work requirements for some food stamp recipients and claws back some Covid-19 relief funds, among other policy provisions.... The U.S. Capitol Dome is seen during an event celebrating 100 days of House Republican rule at the Capitol Building April 17, 2023 in