Latest National debt News

Biden signs debt ceiling bill that pulls US back from brink of unprecedented default

Jun. 03, 2023 16:06 PM EDT

WASHINGTON (AP) — With just two days to spare, President Joe Biden signed legislation on Saturday that lifts the nation’s debt ceiling, averting an unprecedented default on the federal government’s debt. It was a decidedly low-key denouement to a monthslong drama that unnerved...

Debt deal imposes new work requirements for food aid and that frustrates many Democrats

Jun. 03, 2023 14:08 PM EDT

WASHINGTON (AP) — Democrats are deeply conflicted about the food aid requirements that President Joe Biden negotiated as part of the debt ceiling deal, fearing damage has been done to safety net programs that will be difficult to unravel in the years ahead as Republicans demand further cuts. ...

Here's how to prepare to start paying back your student loans when the pandemic payment freeze ends

Jun. 03, 2023 10:59 AM EDT

NEW YORK (AP) — A three-year pause on student loan payments will end this summer regardless of how the Supreme Court rules on the White House plan to forgive billions of dollars in student loan debt. If Congress approves a debt ceiling deal negotiated by House Speaker Kevin...

Biden celebrates a 'crisis averted’ in Oval Office address on bipartisan debt ceiling deal

Jun. 02, 2023 22:15 PM EDT

WASHINGTON (AP) — President Joe Biden celebrated a “crisis averted" in his first speech to the nation from the Oval Office Friday evening, ready to sign a budget agreement that eliminates the potential for an unprecedented government default that he said would have been catastrophic for the...

How Biden and McCarthy struck a debt limit deal and staved off a catastrophe

Jun. 02, 2023 08:43 AM EDT

WASHINGTON (AP) — It was advice that Mitch McConnell had offered to Joe Biden once already: To resolve the debt limit standoff, he needed to strike a deal with House Speaker Kevin McCarthy — and McCarthy alone. But after the first meeting of the top four congressional leaders with the president...

Just days to spare, Senate gives final approval to debt ceiling deal, sending it to Biden

Jun. 02, 2023 05:07 AM EDT

WASHINGTON (AP) — Fending off a U.S. default, the Senate gave final approval late Thursday to a debt ceiling and budget cuts package, grinding into the night to wrap up work on the bipartisan deal and send it to President Joe Biden's desk to become law before the fast-approaching deadline. ...

Underestimated McCarthy emerges from debt deal empowered as speaker, still threatened by far right

Jun. 02, 2023 04:45 AM EDT

WASHINGTON (AP) — House Speaker Kevin McCarthy is nothing if not a political survivor. Underestimated from the start, the Republican who cruised around his California hometown of Bakersfield and stumbled into a career in Congress was never taken too seriously by the Washington...

Debt limit bill gives Republicans IRS cuts, but Democrats say they expect little near-term impact

Jun. 01, 2023 23:44 PM EDT

WASHINGTON (AP) — House Republicans are seeking to make good on their campaign promise to rein in the IRS with cutbacks built into the debt ceiling and budget cuts package passed by Congress. The bill rescinds $1.4 billion given to the federal tax collector in the Democrats’...

House OKs debt ceiling bill to avoid default, sends Biden-McCarthy deal to Senate

May. 31, 2023 22:39 PM EDT

WASHINGTON (AP) — Veering away from a default crisis, the House approved a debt ceiling and budget cuts package late Wednesday, as President Joe Biden and Speaker Kevin McCarthy assembled a bipartisan coalition of centrist Democrats and Republicans against fierce conservative blowback and...

Editorial Roundup: United States

May. 31, 2023 07:44 AM EDT

Excerpts from recent editorials in the United States and abroad: May 28 The Washington Post on the debt limit Finally, President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) have reached a deal to avert an embarrassing — and potentially...