President Biden will announce a new effort on Monday to reduce or eliminate student loan debt for millions of borrowers, an election-year attempt to revive his goal of providing large-scale relief for Americans struggling to pay off their college loans, a person familiar with the plan said Friday. Mr. Biden is expected to preview new…
President Biden announced the cancellation of an additional $1.2 billion in student loan debt for about 153,000 borrowers on Wednesday, his latest effort at student debt relief after the Supreme Court blocked a more sprawling plan last year. Mr. Biden has now canceled $138 billion of student debt for almost 3.9 million borrowers through about…
After narrowly avoiding a federal default, the Republican-controlled House and the Democratic-led Senate are now on a collision course over spending that could result in a government shutdown this year and automatic spending cuts in early 2025 with severe consequences for the Pentagon and an array of domestic programs. Far-right Republicans whose votes will be…
The bipartisan deal to avert a government default this week featured modest cuts to a relatively small corner of the federal budget. As a curb on the growth of the nation’s $31.4 trillion debt load, it was a minor breakthrough, at best. It also showed how difficult — perhaps impossible — it could be for…
In the days since he struck a deal to avoid a national default, President Biden has steadfastly refused to boast about what he got as part of the agreement. “Why would Biden say what a good deal it is before the vote?” he asked reporters at one point, referring to himself in the third person.…
The agreement President Biden struck with House Republicans to raise the debt limit aims to avert a catastrophic default on the nation’s debt. But the brinkmanship that brought the United States within days of being unable to pay its bills has renewed calls for the Biden administration to stop the debt ceiling from continuing to…
Legislation to raise the government debt ceiling and set federal spending limits begins its obstacle-laden route through Congress on Tuesday with consideration by a crucial panel where it will face its first test, as congressional leaders rush to win passage before a default projected in less than a week. The House Rules Committee is typically…
After weeks of tense wrangling between the White House and House Republicans, the fiscal deal reached on Saturday to raise the debt ceiling while constraining federal spending bolsters President Biden’s argument that he is the one figure who can still do bipartisanship in a profoundly partisan era. But it comes at the cost of rankling many in…
A day after striking a deal in principle with President Biden to raise the debt limit, Speaker Kevin McCarthy and his leadership team began an all-out sales pitch on Sunday to rally Republicans behind a compromise that was drawing intense resistance from the hard right. To get the legislation through a fractious and closely divided…
President Biden and Speaker Kevin McCarthy reached an agreement on Saturday to raise the debt ceiling while imposing new restraints on federal spending. If approved by Congress, it will end a partisan deadlock and avert a potentially devastating national default. The deal will not only resolve the high-octane dispute over debt and spending issues that…