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President Biden and congressional leaders made little progress toward securing a deal to raise the nation’s debt limit at a crucial meeting Tuesday afternoon — though they did express some optimism about future talks between staff from the White House and Speaker Kevin McCarthy (R-Calif.). The talks hit a roadblock before the principals arrived at…
Speaker Kevin McCarthy (R-Calif.) on Tuesday left a meeting on the debt ceiling with President Biden and other congressional leaders saying the structure of negotiations had improved and that he held out hope a deal would be possible in the coming days. While the two sides are still working through key differences, McCarthy told reporters…
Treasury Department Secretary Janet Yellen warned Tuesday that “time is running out” for Congress to lift the debt ceiling and avert a default on the nation’s debt, which the secretary says would be catastrophic for the economy. “Time is running out. Every single day that Congress does not act, we are experiencing increased economic costs…
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 Wall…
Speaker Kevin McCarthy (R-Calif.) on Monday signaled there had been little progress in debt ceiling negotiations over the weekend, accusing Democrats and the White House of wanting a default more than they want a deal with Republicans. “I still think we’re far apart. It doesn’t seem to me yet they want a deal, it just…
Senate Democrats are urging President Biden to use the 14th Amendment to raise the debt ceiling, arguing it is in his constitutional authority to take the unilateral step to prevent a GOP-driven default. They say Biden should not agree to GOP demands for major concessions on spending cuts to raise the debt ceiling, and that…
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…
President Biden and the top four congressional leaders, including Speaker Kevin McCarthy (R-Calif.), came away from their Tuesday meeting with no path forward to avoid the nation defaulting on its debts. The president’s meeting with McCarthy, House Minority Leader Hakeem Jeffries (D-N.Y.), Senate Majority Leader Chuck Schumer (D-N.Y.) and Senate Minority Leader Mitch McConnell (R-Ky.)…
Speaker Kevin McCarthy (R-Calif.) on Tuesday shot down the idea of moving a short-term debt ceiling hike to prevent a government default. Just hours before McCarthy is scheduled to meet with President Biden on the issue, the Speaker said the sides should come together to negotiate a compromise — combining a debt ceiling increase with sharp…
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…