Latest Janet Yellen News
Changes to food aid in debt bill would cost money, far from savings GOP envisioned
WASHINGTON (AP) — A Republican attempt to expand work requirements for federal food aid in debt legislation moving through Congress would increase federal spending by $2.1 billion over 10 years — far from the cuts GOP lawmakers had promised. A compromise on the food aid...
Here's what's in, what's out of the debt limit bill to avert US default
WASHINGTON (AP) — President Joe Biden and House Speaker Kevin McCarthy have been working the phones in an intense push to sell Congress on the 99-page bill that would suspend the nation's debt limit through 2025 to avoid a federal default while limiting government spending. The...
Debt ceiling takeaways: Biden's invite to liberal skeptics to 'talk to me,' McCarthy's balancing act
WASHINGTON (AP) — It’s a deal no one in Washington claims to really like. But after weeks of negotiations, President Joe Biden and House Speaker Kevin McCarthy have struck an agreement to raise the debt ceiling and avert a potentially devastating government default. The stakes...
What's next on the debt ceiling: Selling the plan and making a deal into a law
WASHINGTON (AP) — After weeks of negotiations, President Joe Biden and House Speaker Kevin McCarthy have announced an “ agreement in principle ” to raise the nation’s debt ceiling and avoid a potentially catastrophic default. The agreement includes spending...
Biden, GOP reach tentative deal to raise debt ceiling, avoid calamitous US default
WASHINGTON (AP) — President Joe Biden and House Speaker Kevin McCarthy reached an “agreement in principle” to raise the nation's legal debt ceiling late Saturday as they raced to strike a deal to limit federal spending and avert a potentially disastrous U.S. default. However,...
Biden says debt deal 'very close' with default deadline now set at June 5
WASHINGTON (AP) — President Joe Biden said a deal to resolve the government's debt ceiling crisis seemed “very close” late Friday, even as the deadline for a potentially catastrophic default was pushed back to June 5 and seemed likely to drag negotiations between the White House and...
X marks the spot: Yellen tells Congress US could run out of money to pay all its bills by June 5
WASHINGTON (AP) — Treasury Secretary Janet Yellen told Congress on Friday that the U.S. could default on its debt obligations by June 5 — four days later than previously estimated — if lawmakers do not act in time to raise the federal debt ceiling. Yellen’s letter comes as...
It's complicated: 'X-date' calculations aim to zero in on when the US may run short of cash
WASHINGTON (AP) — For all the concern over just when the government might run short of money to pay its bills, it turns out that no one can be absolutely sure exactly when the country will default — what officials are calling the “X-date” — if there's no deal to raise the debt limit. ...
Debt ceiling explained: What to know about the showdown in Washington as default looms
WASHINGTON (AP) — House Republicans still do not have a deal with President Joe Biden to raise the debt ceiling as the nation is a little more than a week away from a potentially catastrophic default. House Speaker Kevin McCarthy, R-Calif., said Friday that negotiators were working...
Debt ceiling talks teeter on the brink, as lawmakers leave town for weekend without a deal
WASHINGTON (AP) — House Republicans pushed debt ceiling talks to the brink Thursday, displaying risky political bravado in leaving town for the holiday weekend just days before the U.S. could face an unprecedented default hurling the global economy into chaos. At the Capitol,...
