October 11, 2013 With the partial government shutdown in its 11th day, there's much speculation about a possible break in negotiations between the White House and Republicans. But despite the noise, very little seems firm.
October 10, 2013 On Day 10 of the government shutdown, Speaker John Boehner proposed a six-week debt ceiling extension hours before a group of House GOP leaders were to sit down with the president at the White House. Senate Majority Leader Harry Reid rejected the notion out of hand.
October 10, 2013 Jacob Lew tells the Senate Finance Committee that not raising the debt ceiling could "deeply damage financial markets, the ongoing economic recovery, and the jobs and savings of millions of Americans."
October 8, 2013 President Obama called House Speaker John Boehner in the morning but there was no breakthrough. Both later held news conferences to reiterate their positions.
October 8, 2013 Also: Boston school bus drivers go on strike, China warns the U.S. over the debt ceiling, and North Korea steps up its military alert.
October 8, 2013 Large foreign holders of U.S. debt warn Congress and President Obama to get their acts together... White House and Senate Democrats' unified message momentarily appeared less so... Senate Democrats are moving ahead with debt-ceiling legislation that Republicans may filibuster.
October 3, 2013 In a report, the department warns that a default could do damage to the economy to rival the Great Recession.
January 18, 2013 GOP leaders in the House say that will give Democrats in the Senate time to pass a budget that cuts spending. And if Congress doesn't pass a budget, they say, lawmakers shouldn't get their full pay. The move could put off another bruising battle over the borrowing limit.
January 10, 2013 Just for the sake of financial fun, we've calculated how much platinum it would actually take to mint a coin with $1 trillion worth of the metal in it. Turns out, it's probably more platinum than mankind has available on the market right now.
August 9, 2011 Sen. Harry Reid has made his picks for the deficit super committee whose task it is to recommend with $1.5 trillion in federal spending cuts over 10 years — Senators John Kerry of Massachusetts, Patty Murray of Washington State and Max Baucus of Montana.
August 5, 2011 The downgrade by Standard & Poor's is guaranteed to become a major piece of evidence used by Obama's political opponents against him, as they make the case that he has failed to lead the nation and should not be rewarded with a second term.
August 4, 2011 Pity the poor debt-ceiling deal, disliked inside Washington and evidently just as unloved well beyond the nation's capital. A Gallup/USA Today poll found 46 percent of respondents saying they opposed the deal compared with 39 percent who were in favor.
August 3, 2011 What Washington was worried about and what many Americans have been worrying about has seemed out of synch in recent weeks.The fiery Washington debate was about the debt-ceiling, while the concerns of millions of Americans was about jobs, either finding or keeping one.For Democrats, the debt ceiling debate was a distraction from the jobs message they view as key to their re-election efforts.
August 2, 2011 Democrats may have yielded on their demand for tax increases to achieve the debt-ceiling deal President Obama signed into law Tuesday. But in an interview on All Things Considered, Sen. Harry Reid had a warning for congressional Republicans: Later this year when Congress has to decide on additional ways to cut federal deficits, Democrats intend to stand firm on the need for more tax revenues.