The U.S. is on credit watch as high-stakes negotiations over the debt limit take center stage in Washington. Credit agencies are warning that the nation’s stellar credit rating could be downgraded as the U.S. inches closer to running out of cash and defaulting on its roughly $31.4 trillion debt. Capitol Hill is getting nervous. “Most…
Author: Aris Folley
Progress and a later deadline, but no debt deal
Welcome to The Hill’s Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story Progress and a later deadline, but no debt deal The White House and House GOP negotiators may be making progress toward a deal to avert a devastating default on the national debt. © Tierney L. Cross…
Yellen says US will run out of money by June 5 if debt ceiling not raised
Treasury Secretary Janet Yellen on Friday notified lawmakers the nation will run out of money to pay its bills by June 5 if they do not raise the debt ceiling. “Based on the most recent available data, we now estimate that Treasury will have insufficient resources to satisfy the government’s obligations if Congress has not…
House leaves town with no debt ceiling deal
House lawmakers are leaving Washington for the long holiday weekend Thursday afternoon — just one week before the Treasury Department says the U.S. is at risk of a debt default — without a deal to raise the debt ceiling. Negotiators say they’re getting closer to striking a deal to avert a default next week, but an…
66 progressive lawmakers urge Biden to use 14th Amendment in debt ceiling fight
Dozens of progressives have signed onto a letter urging President Biden to invoke the 14th Amendment and bypass Republicans to prevent the nation from defaulting on its debt. Congressional Progressive Caucus (CPC) leaders Pramila Jayapal (D-Wash.), Ilhan Omar (D-Minn.) and Greg Casar (D-Texas) led more than 60 progressives in penning the letter to Biden on…
McCarthy shifts, voices new confidence in debt ceiling deal
Bipartisan negotiators racing to secure a debt ceiling deal voiced new confidence on Thursday that they’ll locate a compromise before a federal default. But even as President Biden and Speaker Kevin McCarthy (R-Calif.) both hinted at significant progress in the talks, rank-and-file lawmakers in both parties are raising alarms about the concessions their leaders have…
How the debt crisis could affect your 401(k)
The high-stakes battle over the debt ceiling in Washington is spilling over into financial markets. Stock values have whipsawed and bond yields have spiked in recent weeks as Wall Street becomes increasingly fearful of a federal default. Experts say the damage could be minor and ultimately reversible if lawmakers can avert a default. But the…
Five things to know about where debt ceiling talks stand
Less than two weeks stand between Congress and a fast-approaching deadline from the Treasury Department forecasting the earliest the nation could risk a federal default. Negotiations between the White House and Speaker Kevin McCarthy (R-Calif.) have picked up in recent days, but McCarthy told reporters this week that he thinks both parties are still “far…
Yellen stands by June 1 for debt limit X-date
Welcome to The Hill’s Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story Yellen stands by June 1 for debt limit X-date Treasury Secretary Janet Yellen on Monday affirmed that the nation is still on track to default as early as June 1. © Greg Nash In her latest…
Yellen affirms June 1 debt ceiling deadline, putting pressure on lawmakers
Treasury Secretary Janet Yellen affirmed on Monday that the nation faces federal default as soon as June 1, dialing up pressure on Congress to strike a deal. In her previous letter to lawmakers earlier this month, Yellen warned that the Treasury could run out of cash to stave off a federal default by early June…