Latest National debt News

Congress off the rails? Lawmakers barrel toward fall fights

Oct. 11, 2021 10:10 AM EDT

WASHINGTON (AP) — Year-end pileups of crucial legislation and the brinkmanship that goes with them are normal behavior for Congress. This autumn, lawmakers are barreling toward battles that are striking for the risks they pose to both parties. Though few doubt that...

McConnell seizes on debt standoff to undermine Biden agenda

Oct. 09, 2021 15:00 PM EDT

WASHINGTON (AP) — In the frantic bid to avert a default on the nation’s debt, Senate Republican leader Mitch McConnell held a position of unusual power — as the one who orchestrated both the problem and the solution. McConnell is no longer the majority leader, but...

McConnell says he won't help Dems raise debt limit again

Oct. 08, 2021 22:04 PM EDT

WASHINGTON (AP) — Senate Minority Leader Mitch McConnell said Friday he would not again help Democrats extend the government's borrowing authority, raising fresh doubts about how Congress will avert a federal default when a temporary patch expires in December. McConnell...

Senate dodges US debt disaster, voting to extend borrowing

Oct. 07, 2021 22:50 PM EDT

WASHINGTON (AP) — The Senate dodged a U.S. debt disaster Thursday night, voting to extend the government’s borrowing authority into December and temporarily avert an unprecedented federal default that experts warned would devastate the economy and harm millions of Americans. ...

Bill to raise US debt limit by $480B clears Senate, likely staving off default crisis; House approval still needed

Oct. 07, 2021 20:39 PM EDT
WASHINGTON (AP) — Bill to raise US debt limit by $480B clears Senate, likely staving off default crisis; House approval still needed.

How major US stock indexes fared Thursday

Oct. 07, 2021 16:40 PM EDT

Stocks are closing higher on Wall Street Thursday as investors welcomed progress in Congress’ standoff over extending the federal debt ceiling. A temporary extension will give lawmakers more time to reach a permanent resolution. The S&P 500, the Dow Jones...

Asian shares rise as receding debt fears spur Wall St rally

Oct. 06, 2021 23:16 PM EDT

TOKYO (AP) — Asian shares rose Thursday, tracking a rally on Wall Street after signs of progress on resolving the standoff in Congress over the debt ceiling. Japan's benchmark Nikkei 225 gained 1.6% in morning trading to 27,972.58. Australia's S&P/ASX 200 added...

Big pressure on Biden, Dems to trim $3.5T federal overhaul

Sep. 28, 2021 19:19 PM EDT

WASHINGTON (AP) — Pressure mounting, President Joe Biden and Democrats in Congress strained Tuesday to trim back his potentially historic $3.5 trillion government overhaul to win support from two key holdout senators ahead of make-or-break deadlines for votes. With...

Yellen warns delay in raising debt limit will slow economy

Sep. 28, 2021 15:41 PM EDT

WASHINGTON (AP) — Treasury Secretary Janet Yellen sounded an urgent call Tuesday for Congress to raise the government's borrowing limit, a day after Senate Republicans blocked consideration of a bill that would have done so. If the debt limit isn’t raised by Oct....

What's the price of Biden’s plan? Democrats drive for zero

Sep. 26, 2021 07:29 AM EDT

WASHINGTON (AP) — What will it cost to enact President Joe Biden’s massive expansion of social programs? Congress has authorized spending up to $3.5 trillion over a decade, but Biden is prodding Democrats to fully cover the cost of the legislation — by raising...