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The partisan standoff over the debt limit, which hardened over the weekend when 43 Senate Republicans said they would not support a clean debt-limit increase, sets the stage for severe turbulence in the financial markets, experts warn. The yield on Treasury bonds maturing next month spiked last week, signaling that investors are already preparing for…
President Biden and his team are approaching the prospect of a debt ceiling escape hatch that hinges on the 14th Amendment with extreme caution ahead of a pivotal meeting with congressional leaders at the White House on Tuesday. Some officials have openly voiced concerns about the legal standing of using the 14th Amendment to solve…
The National Association of Government Employees (NAGE) filed a lawsuit to block enforcement of a law that sets the nation’s debt limit, arguing it is unconstitutional as a political divide over raising the borrowing cap comes to a head. The lawsuit contends that, if the debt limit is reached, President Biden and Treasury Secretary Janet…
Senate Minority Leader Mitch McConnell (R-Ky.) has signed onto a letter stating he and more than 40 members of the Senate GOP conference will not back “any bill that raises the debt ceiling without substantive spending and budget reforms,” according to sources. The letter is addressed to Senate Majority Leader Chuck Schumer (D-N.Y.) and would…
Lawmakers are bracing for what could shape up to be a dramatic few weeks for both parties, as they brace for a high-stakes battle over the nation’s borrowing limit. The Treasury Department said this week that the nation could have until as soon as the start of June before it exhausts the “extraordinary measures” implemented…
Editor’s note: The Hill’s Morning Report is our daily newsletter that dives deep into Washington’s agenda. To subscribe, click here or fill out the box below. Close Thank you for signing up! Subscribe to more newsletters here The latest in politics and policy. Direct to your inbox. Sign up for the Morning Report newsletter The…
After a week of internal sniping, House Republicans on Wednesday approved legislation in a 217-215 vote that would slash federal spending and extend the government’s borrowing authority into next year. The package has no chance of becoming law in the face of opposition from the Senate and White House, both of which are controlled by…
President Biden on Wednesday said raising the debt limit is “not negotiable” as House Republicans prepare to pass a bill that would pair a debt limit increase with government spending cuts. “I’m happy to meet with [Speaker] McCarthy, but not on whether or not the debt limit gets extended. That’s not negotiable,” Biden told reporters…
House GOP leadership apparently caved to Midwestern Republicans and hardliners on their major debt limit and tax cut bill overnight, making changes to biofuel tax credits and public assistance work requirement provisions despite insisting on Tuesday that they were done negotiating the measure and would not make any more changes to it. The last-minute changes…
Editor’s note: The Hill’s Morning Report is our daily newsletter that dives deep into Washington’s agenda. To subscribe, click here or fill out the box below. Close Thank you for signing up! Subscribe to more newsletters here The latest in politics and policy. Direct to your inbox. Sign up for the Morning Report newsletter Does…