Us Debt Ceiling

Biden signs debt ceiling bill, pulling US back from unprecedented default

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. The White House announced the signing, done in private at the White House, in an emailed statement in which Biden thanked congressional leaders for their partnership. The Treasury Department had warned that the country would start running short of cash to pay all of its bills on Monday, which would have sent shockwaves through the U.S. and global economies. Republicans refused to raise the country's borrowing limit unless Democrats agreed to cut spending, leading to a standoff that was not resolved until weeks of intense negotiations between the White House and House Speaker Kevin McCarthy, R-Calif. The final agreement, passed by the House on Wednesday and the Senate on Thursday, suspends the debt limit until 2025 after the next presidential election and restricts government spending. It gives ...

Debt deal imposes new work requirements for food aid, frustrates Democrats

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 programmes that will be difficult to unravel in the years ahead as Republicans demand further cuts. Bargaining over toughening work requirements for the Supplemental Nutrition Assistance Programme, commonly known as food stamps, became the focal point for the White House and House Speaker Kevin McCarthy, R-Calif., up until the end. Negotiators from both sides made clear, publicly and privately, that it was the biggest area of disagreement and almost led to the talks breaking down several times. In the end, Democrats warily accepted new requirements for some able-bodied recipients in exchange for food aid. Republicans agreed to drop some work requirements for veterans, homeless people and others. The result of the tense back-and-forth was a deal that played to both sides, but one that many Democrats agonised

President Biden expected to sign budget deal to raise US debt ceiling

President Joe Biden is expected to sign legislation on Saturday to raise the debt ceiling, just two days before the US Treasury warned that the country would struggle to pay its bills. The bipartisan measure, which was approved this week by the House and Senate, eliminates the potential for an unprecedented government default. Passing this budget agreement was critical. The stakes could not have been higher," Biden said from the Oval Office on Friday evening. Nothing would have been more catastrophic, he said, than defaulting on the country's debt. The agreement was hashed out by Biden and House Speaker Kevin McCarthy, giving Republicans some of their demanded federal spending cuts but holding the line on major Democratic priorities. It raises the debt limit until 2025 after the 2024 presidential election and gives legislators budget targets for the next two years in hopes of assuring fiscal stability as the political season heats up. No one got everything they wanted but the ..

In his first Oval Office address, Biden boasts of debt-ceiling win

The address served as a victory lap for Democratic Joe Biden, who collaborated with Republican House Speaker Kevin McCarthy, to forge the debt-ceiling bill last month

US Senate passes bill to raise debt ceiling to avert first-ever default

Fending off a US 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. The compromise package negotiated between Biden and House Speaker Kevin McCarthy leaves neither Republicans nor Democrats fully pleased with the outcome. But the result, after weeks of hard-fought budget negotiations, shelves the volatile debt ceiling issue that risked upending the US and global economy until 2025 after the next presidential election. Approval in the Senate on a bipartisan vote, 63-36, reflected the overwhelming House tally the day before, relying on centrists in both parties to pull the Biden-McCarthy package to passage. Senate Majority Leader Chuck Schumer said the bill's passage means America can breathe a sigh of relief. He said, We are avoiding default. Fast action was vital if Washington hop

Oil prices rise on possible OPEC+ cuts, progress in US debt ceiling deal

Oil prices rose on Friday in early Asian trade as markets weighed the likelihood of price-supportive OPEC+ production cuts over the weekend amid positive sentiment over US monetary policy

US House passes debt limit bill in bipartisan vote to avert default

The Bill would defer the federal debt limit for two years

Debt ceiling deal advances pipeline and tweaks rules, but more work remains

Despite weeks of negotiations, the White House and House Republicans were unable to reach a comprehensive agreement to overhaul environmental regulations and streamline federal permitting as part of their debt ceiling deal, instead settling for limited changes that could simplify and expedite some project reviews. The legislation, approved late Wednesday by the House, includes provisions to speed up infrastructure projects under the landmark National Environmental Policy Act, or NEPA. However, it does not clear the way to build large-scale electricity transmission lines, instead ordering a two-year study of the issue. The budget deal was being debated Thursday in the Senate, where lawmakers are working to meet a Monday deadline before the U.S. risks a devastating default. One project got special treatment: the legislation essentially ensures construction of the long-delayed Mountain Valley Pipeline, a $6.6 billion project to transport natural gas through Appalachia. The White House

Global shares gain amid receding bets for US rate hike, Fed pause talk

The U.S. legislation in essence temporarily removes the federal government's borrowing limit through Jan. 1, 2025

Sensex ends 194 pts lower owing to late selling; Broader indices outperform

CLOSING BELL ON JUNE 01, 2023: The NSE Nifty 50 settled with a loss of 47 points below the 18,500-mark. Overall market breadth was fairly positive.

US Republicans get their IRS cuts; Democrats expect little near-term impact

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 moving through Congress. The bill rescinds $1.4 billion given to federal tax collector in the Democrats' health and energy package that was approved last year on party-line votes. The White House says the debt deal also includes a separate agreement to take $20 billion from the IRS over the next two years and divert those funds to other nondefense programs. Democrats expended a lot of political capital to get the IRS more money last year. They faced an onslaught of campaign ads, many of them misleading, about the expected hiring of 87,000 new agents to target low- and middle-class Americans. Now, Biden administration officials are offering assurances that the spending cuts secured by Republican negotiators will have minimal impact on the agency's operations over the next few years. The agency is on course to still get nearly ...

Investors relieved as US House passes debt ceiling Bill; Senate in focus

Asian markets were trading higher when the bill cleared the house and held their gains. Investors nudged S&P 500 futures from slightly negative back to flat. Treasury yields rose marginally

US House passes debt-limit deal easing default concerns; Bill now in Senate

The House passed debt-limit legislation forged by President Joe Biden and Speaker Kevin McCarthy that would impose restraints on government spending through the 2024 election

Mkts dip ahead of vote on US debt ceiling, benchmark indices shed 0.5% each

Indices snap their four-day winning streak; MSCI rejig adds to volatility

Sensex slips 347 pts on profit-taking, Nifty holds 18,500; RIL, SBI dip 2%

Stock market live updates: At 7:15, the SGX Nifty futures were down around 30 points at 18,680

Debt limit deal in place but budget deficit still a challenge for US govt

Even with the new spending restraints in the debt limit deal that cut borrowing by USD 1.5 trillion, the US government's deficits are still on course to keep climbing to record levels over the next few decades. The projections are a sign that the two-year truce between President Joe Biden and House Speaker Kevin McCarthy, R-Calif., might be only a pause before a far more wrenching set of showdowns over the federal budget. The Congressional Budget Office said Tuesday that the agreement would reduce spending by USD 1.3 trillion and interest payments by USD 188 billion over 10 years. But that sum is too modest to fully offset the growing costs of Social Security, Medicare and Medicaid. Both Biden and McCarthy ruled out any cuts to Social Security and Medicare, two programs that benefit older voters, before their teams even began their budget talks. That omission reflects the politics around two popular programs as Democrats and Republicans prepare for next year's presidential ...

Far from risk-less

US default avoided, for now

Explained: What is the US debt ceiling deal and why it's important?

Currently, the ceiling is roughly equal to 120% of the country's annual economic output

RIL, ITC, HDFC twins lift Sensex 345 pts up; Bank Nifty hits new peak

Stock Market Live on May 29, 2023: Asian markets climbed higher after the US striked a tentative debt deal. Nikkei led gains, rising 2%. Hang Seng, Strait times, S&P/ASX 200 and Kospi rose 0.2-1%

McCarthy predicts debt ceiling deal will pass with Republican support

After weeks of tough negotiations McCarthy and Biden reached a tentative agreement this weekend, but now face the challenge of getting a deal through the Republican-controlled House of Representatives