Page 2 - Us Debt Ceiling

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

White House, Republicans reach deal to raise debt ceiling, avert US default

The deal includes a two-year debt limit increase and a two-year appropriations agreement that keeps non-defense spending roughly flat with current levels

US Debt ceiling deadline extended to June 5, later than estimated: Yellen

US Treasury Secretary Janet Yellen said Friday the projected debt ceiling deadline is extended to June 5, four days later than previously estimated. Yet, Yellen renewed her warning in a letter to Congress that inaction on raising the borrowing limit would cause severe hardship. Yellen's latest letter to legislators on the X-date came as Congress broke for the long Memorial Day weekend. She said that the Treasury Department had deployed an extraordinary measure not used since 2015 to get the US financial position to this point. The X-date arrives when the government no longer has enough of a financial cushion to pay all its bills, having exhausted the measures it's been using since January to stretch existing funds. Earlier Friday, House Speaker Kevin McCarthy said his Republican debt negotiators and the White House had hit crunch time, straining to wrap up an agreement with President Joe Biden to curb federal spending and lift the nation's borrowing limit ahead of the fast-coming .

'Crunch' time in debt ceiling talks, as McCarthy, Biden reach for a deal

House Speaker Kevin McCarthy and his Republican debt negotiators hit crunch time on Friday at the Capitol, straining to wrap up an agreement with President Joe Biden to curb federal spending and lift the nation's borrowing limit ahead of a fast-coming deadline. They hope to end weeks of frustrating talks and strike a deal by this weekend. Treasury says the government could start running out of money as soon as next Thursday, sending the US into a potentially catastrophic default with economic spillover around the world. Anxious retirees and social service groups were among those making default contingency plans as lawmakers left town for the long holiday weekend. The next batch of Social Security checks are due to go out next week. The world is watching," said International Monetary Fund Managing Director Kristalina Georgieva, meeting Friday with Treasury Secretary Janet Yellen. Let's remember we are now in the 12th hour. Democrat Biden and the Republican speaker were narrowing ...

As US credit risk looms, ex-S&P officials see 2011 downgrade as vindicated

That downgrade came days after Washington narrowly averted a default, but S&P went ahead, cutting the U.S. pristine "AAA" to "AA-plus," citing heightened political polarization

Crypto wrap: US debt ceiling negotiations keeping market on the toes

The negotiations around the US debt ceiling have been slow, but media reports suggest that US President Biden and US House of Representatives Kevin McCarthy appeared to be nearing a deal on Thursday

Global money market funds attract heavy inflows as US debt ceiling looms

U.S. money market funds received $39.89 billion worth of inflows but investors sold European and Asian funds of $15.76 billion and about $30 million, respectively

Emerging US debt deal would raise limit, cap spending for two years

Under the terms of the emerging agreement, defense spending would be permitted to rise 3% next year in line with President Joe Biden's budget request

Debt ceiling talks teeter on brink, as lawmakers leave town without a deal

House Republicans pushed debt ceiling talks to the brink Thursday, displaying risky political bravado in leaving town for the holiday weekend just days before the US could face an unprecedented default hurling the global economy into chaos. However, Speaker Kevin McCarthy also said he had directed his negotiating team to work 24/7 to solve this problem. At the Capitol, McCarthy, R-Calif., said every hour matters in talks with President Joe Biden's team as they try to work out a budget agreement. Republican are demanding spending cuts the Democrats oppose as their price for raising the legal debt limit. We've been taking to the White House all day, he told reporters in the evening. We're working hard to make it happen. In remarks at the White House, Biden said, It's about competing versions of America. Yet both men expressed optimism that the gulf between their positions could be bridged. The White House said discussions with the Republicans have been productive, including by vide

Debt ceiling talks teeter on brink, as lawmakers leave town without a deal

House Republicans are pushing debt ceiling talks to the brink, displaying risky political bravado as they prepare to leave town Thursday for the holiday weekend just days before the UScould face an unprecedented default that could hurl the global economy into chaos. Speaker Kevin McCarthy said he's directed his negotiating team to work 24/7 to solve this problem. Arriving at the Capitol, McCarthy, R-Calif., said that every hour matters in talks with President Joe Biden's team as they work toward a budget deal. Republican are demanding spending cuts the Democrats oppose, and McCarthy said a deal could come together at any time. But it's clear the Republican speaker who leads a Trump-aligned party whose hard-right flank lifted him to power is now staring down a potential crisis. Lawmakers are tentatively not expected back at work until Tuesday, just two days from June 1, when Treasury Secretary Janet Yellen has said the US could start running out of cash to pay its bills and face a

Dealing with the debt stock

According to the International Monetary Fund's (IMF's) projections, the general government debt in the US is likely to increase from 122.2 per cent of GDP in 2023 to 136.2 per cent by 2028

No deal has yet been reached, says Joe Biden after debt ceiling talks

US President Joe Biden and Republican House Speaker Kevin McCarthy have called their latest talks on the debt ceiling productive, but no deal has yet been reached

US President Joe Biden talks 14th Amendment to override Congress on debt

'Can't guarantee GOP would not force a default'

Debt limit talks start, stop as Republicans, WH face 'serious differences'

Debt limit talks between the White House and House Republicans stopped, started and stopped again Friday at the US Capitol, a dizzying series of events in high-stakes negotiations to avoid a potentially catastrophic federal default. President Joe Biden's administration is reaching for a deal with Republicans led by House Speaker Kevin McCarthy as the nation faces a deadline as soon as June 1 to raise the country's borrowing limit, now at $31 trillion, to keep paying the nation's bills. Republicans are demanding steep spending cuts the Democrats oppose. Negotiations came to an abrupt standstill earlier in the day when McCarthy said it's time to pause talks. But the negotiating teams convened again in the evening only to quickly call it quits for the night. The president, who has been in Japan attending the Group of Seven summit, had no immediate public comment. But White House press secretary Karine Jean-Pierre said Biden was still optimistic that a deal could be reached. The presid

Wall Street points higher on hopes for US debt ceiling breakthrough

Wall Street pointed toward gains before the bell on Friday, potentially setting up markets for their best week since March as optimism about a US debt ceiling deal grew heading into the weekend. Futures for the Dow Jones industrials and S and P 500 each rose 0.2 per cent in premarket trading. Hopes are high that the United States Congress would reach a deal to avoid defaulting on the nation's debt. President Joe Biden, in Hiroshima for the Group of Seven summit of major industrialised nations, has said he's confident about reaching a deal with Republicans to allow the US government to increase its credit limit and borrow more. The US government is scheduled to run out of cash to pay its bills as soon as June 1 unless a deal is made, and economists say a US federal default could have catastrophic consequences across financial markets and the economy. Stocks have remained remarkably resilient since early April despite a long list of worries. A major reason for that is hope the Fede

Crypto wrap: High fluctuation in market due to US debt ceiling crisis

Bitcoin options expiry on Friday is crucial for Bitcoin's price, given concerns about regulations and the US debt ceiling, experts said

Sensex ends lower for third straight day, slips 129 pts; SBI, ITC dip 2%

CLOSING BELL ON MAY 18: The NSE Nifty 50 slipped 52 points to 18,130 as weekly expiry also weighed on the sentiment.

TMS Ep435: Electronics export, Twitter CEO, realty stocks, US debt ceiling

Can India catch up in US electronics exports race? Can the new CEO restore sanity at Twitter? Will strong order book buoy realty stocks? US debt ceiling: Why is the US govt staring at bankruptcy?

Confident of budget deal, Biden declares 'America will not default'

An optimistic President Joe Biden declared on Wednesday he is confident the US will avoid an unprecedented and potentially catastrophic debt default, saying talks with congressional Republicans have been productive. He left for a G-7 summit in Japan but planned to return by the weekend in hopes of approving a solid agreement. Biden's upbeat remarks came as a select group of negotiators began meeting to try and hammer out the final contours of a budget spending deal to unlock a path for raising the debt limit as soon as June 1. That is when the Treasury Department says the US could begin defaulting on its obligations and trigger financial chaos. "I am confident that we will get the agreement on the budget and America will not default," Biden said from the Roosevelt Room of the White House. Later Wednesday evening, negotiations resumed behind closed doors at the Capitol. Democrat Biden and Republican House Speaker Kevin McCarthy have traded blame for a debt-ceiling impasse for weeks.

US debt limit: There's 'work to do', says Biden as he heads to Japan

US President Joe Biden said there is "work to do" on the global stage as he headed to Japan on Wednesday to consult with allies on Russia's invasion of Ukraine and China's assertiveness in the Pacific at the same time that a debt limit standoff looms at home. With high-stakes talks to head off a federal default underway in Washington, Biden pledged to remain in "constant contact" with negotiators in the capital city while he conducts international diplomacy. The president departed Washington aboard Air Force One a day after scrapping plans for a historic stop in Papua New Guinea and a key visit to Australia amid the showdown with House Republicans over raising the federal debt limit. The three-nation trip had been meant as a triumphant global leadership showcase, and instead threatened to become a truncated reminder of how partisan disagreements have undercut US standing on the global stage. "I have cut my trip short in order to be here for the final negotiations and sign the deal .