On Capitol Hill, the delicate talks to avert default on the government’s debts this week took place over middle-of-the-night video calls, marathon meetings in an opulent conference room, and at least one early morning bike ride. At the White House, evening tour groups were diverted from the West Wing because President Biden was in the…
President Biden and Speaker Kevin McCarthy emerged from a critical meeting at the White House on Tuesday with no consensus on how to end their impasse over the federal debt and spending just weeks before the nation is set to default on its obligations for the first time. With the economy hanging in the balance,…
President Biden is set to welcome Speaker Kevin McCarthy and other top congressional leaders to the White House on Tuesday for a pivotal round of discussions about the nation’s taxes, spending and debt as a potentially catastrophic government default rapidly approaches. The talks come just weeks before the United States is expected to run out…
A standoff between House Republicans and President Biden over raising the nation’s borrowing limit has administration officials debating what to do if the government runs out of cash to pay its bills, including one option that previous administrations had deemed unthinkable. That option is effectively a constitutional challenge to the debt limit. Under the theory,…
WASHINGTON — House Republican leaders pressed ahead on Wednesday with legislation to raise the debt ceiling while cutting spending and unraveling major elements of President Biden’s domestic agenda, opening debate on the bill even as they scrounged for support to pass it. The measure, which would cut federal spending by nearly 14 percent over a…
WASHINGTON — House Republican leaders on Wednesday unveiled their proposal to lift the debt ceiling for one year in exchange for spending cuts and policy changes, as they scrounged for the votes to pass the fiscal blueprint in an effort to bring President Biden to the negotiating table. Speaker Kevin McCarthy said in a speech…
Today, the Supreme Court will hear arguments over whether President Biden can cancel student debt. The justices’ eventual ruling will affect tens of millions of low- and middle-income Americans who could qualify for up to $20,000 in student debt forgiveness. The case itself, however, revolves more around technical legal arguments than around policy debates about…
WASHINGTON — Representative Kevin McCarthy of California finally secured the House speakership in a dramatic middle-of-the-night vote early Saturday, but the deal he struck to win over holdout Republicans also raised the risks of persistent political gridlock that could destabilize the American financial system. Economists, Wall Street analysts and political observers are warning that the…
The Biden administration asked the Supreme Court on Friday to allow its student loan relief plan to go forward, arguing that delaying enactment of a proposal to cancel billions of dollars in debt would leave borrowers in limbo. The Justice Department asked the court to lift a decision this week by the Court of Appeals…