Haris Alic

Biden, McCarthy cut out Schumer, McConnell in debt limit talks

House Speaker Kevin McCarthy said on Tuesday that President Biden agreed to negotiate directly with him on cutting spending and raising the debt ceiling, sidelining Senate Majority Leader Charles E. Schumer and congressional leaders.

May 16, 2023

Biden, McCarthy debt-limit talks stuck as both sides draw redline on welfare work requirements

Republicans are doubling down on their push to expand work requirements for social welfare programs as part of any debt-limit deal amid opposition from Democrats.

May 16, 2023

McCarthy calls for White House to be ‘willing partners’ ahead of debt limit meeting with Biden

House Speaker Kevin McCarthy said he is not confident the White House is serious about reaching a spending deal that can unlock a hike to the debt limit, ahead of a Tuesday meeting with President Biden regarding the nation's borrowing cap.

May 15, 2023

Shrinking tax revenue complicates debt limit talks; Biden says ‘we’re not there yet’

Lower-than-expected tax revenue is adding pressure on President Biden and House Speaker Kevin McCarthy to hike the nation's debt limit by a June 1 deadline or face default.

May 13, 2023

Biden-McCarthy next sitdown pushed to next week as debt limit crisis looms

The White House and congressional leaders punted a planned debt limit meeting Friday to next week as staffers worked behind the scenes on a proposed deal, people familiar with the decision said.

May 11, 2023

Democrats open to slashing spending, but refuse to clarify what should be cut in budget talks

House and Senate Democrats are refusing to say what budget cuts should be considered as part of negotiations between President Biden and House Speaker Kevin McCarthy on raising the debt limit and setting new spending levels.

May 10, 2023

Biden questions need to cut spending, citing deficit reduction over first term

President Biden on Tuesday questioned House Republicans' push to cut spending in exchange for raising the debt limit, asserting that his administration had already lowered the deficit and saved taxpayer dollars.

May 9, 2023

McCarthy, Biden fail to resolve impasse on debt limit but agree to talk budget cuts

Congressional leaders emerged from a meeting with President Biden Tuesday saying they were unable to break a months-long impasse over raising the nation's borrowing limit, although the U.S. risks defaulting on its debt in three weeks, a development that would likely prompt international economic turmoil.

May 9, 2023

McCarthy rules out short-term hike to debt ceiling ahead of White House meeting

House Speaker Kevin McCarthy ruled out a short-term hike to the debt ceiling on Tuesday shortly before a meeting with President Biden at the White House on the looming fiscal deadline.

May 9, 2023

Debt debacle laid bare: U.S. owes whopping $7 trillion to foreigners

As the government works its way through another debt showdown, the good news is that most of the federal debt is owned by U.S. shareholders. The bad news is that still leaves roughly $7 trillion in federal debt abroad.

May 8, 2023

Biden, McCarthy headed for epic power showdown; top leaders to talk as debt deadline approaches

The leadership of President Biden and House Speaker Kevin McCarthy will be put to the test Tuesday, with both men under intense pressure not to back down from the debt-limit standoff that threatens a U.S. default on financial obligations as early as June 1.

May 8, 2023

White House floats short-term debt limit hike ahead of Biden-McCarthy meeting

The White House floated on Thursday the prospect of a short-term debt limit hike to give President Biden and Speaker Kevin McCarthy more time to negotiate a broader deal on spending and avoid a default on the government's bills.

May 4, 2023

Sen. Bernie Sanders pushes for $17 minimum wage

Sen. Bernard Sanders introduced legislation Thursday to raise the federal minimum wage to $17 an hour -- setting a new goal post for liberals on the issue.

May 4, 2023

Biden sticks with refusal to negotiate debt limit with House Republicans as country faces default

The White House said Tuesday that President Biden is not budging in his refusal to trade spending cuts with House Republicans in exchange for Congress lifting the federal debt limit, despite the country being less than a month away from default.

May 2, 2023

House Democrats float proposal forcing clean debt bill through House with GOP votes

House Minority Leader Hakeem Jeffries said on Tuesday that Democrats will begin sounding out moderate -- and potentially vulnerable -- Republican lawmakers about forcing a vote on raising the debt ceiling before the June 1 deadline.

May 2, 2023

McCarthy agrees to meet with Biden on debt ceiling next week

House Speaker Kevin McCarthy has accepted President Biden's invitation to meet next week regarding the looming debt ceiling deadline.

May 2, 2023

Biden invites McCarthy to White House for debt talks as new default deadline looms June 1

President Biden reversed course Monday and invited House Speaker Kevin McCarthy and other congressional leaders to the White House next week for talks, as the Treasury Department warned that the U.S. could default on some of its bills as early as June 1.

May 1, 2023

Biden, Democrats move to define GOP’s debt limit on their terms with House on recess

President Biden and Democrats are launching a full-scale push to discredit the House GOP's legislation to raise the debt limit until May 2024 in exchange for $4.8 trillion in spending cuts.

May 1, 2023

Yellen warns Congress must pass debt limit hike by June 1 or risk default

Treasury Secretary Janet Yellen warned Congress on Monday that the U.S. could be unable to pay its bills as early as June 1 if lawmakers do not raise the federal debt limit.

May 1, 2023

Ben Cardin, longtime Democratic senator in Maryland, announces retirement

Sen. Benjamin L. Cardin is bowing out of a 2024 reelection race, ending a nearly 60-year career and opening up a U.S. Senate seat in deeply Democratic Maryland.

May 1, 2023