debt ceiling

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Obama, Boehner Near 'Grand Bargain'—Maybe

Reports cite $3T deal with tax reform, entitlement changes

(Newser) - President Obama and John Boehner are reportedly back at the bargaining table, and they could be near a deal to cut the deficit and raise the debt ceiling. The rumored $3 trillion agreement between the administration and top Republicans could include entitlement changes and set plans for tax reform, reports...

Dems: We'll Win Debt Fight for the Gipper

Gipper 'wouldn't be welcome in modern GOP'

(Newser) - The Democrats, the party that Ronald Reagan ditched in 1962, says that even the Gipper would be on their side in today's debt ceiling debate. Dems are telling Republicans they should follow Reagan's lead in fiscal responsibility, circulating a 1987 radio address in which Reagan slammed brinksmanship and...

Wall St. Plotting for Debt Doomsday

Prospect of default fraying nerves

(Newser) - As lawmakers scramble to hammer out a debt deal, Wall Street firms are working on ways to deal with America defaulting on its debt—and on ways to make a buck out of any upheaval. Treasury bonds function like a currency on Wall Street and default after the Aug. 2...

Obama OK With Short-Term Debt Deal, So Long As...

...those days are used to hammer out longer-term deal

(Newser) - All of the debt ceiling meetings have broken up for the evening, and, surprise, surprise, no breakthrough deal has emerged. But once again, there's hope: The big development of the day looks to be the White House declaration that President Obama would agree to a short-term deal to raise...

Allen West to DNC Chair: You're 'Vile,' 'Not a Lady'

Florida congressman refuses to apologize

(Newser) - Allen West refused to apologize today, after flipping out on fellow Florida rep Debbie Wasserman Shultz yesterday. Wasserman Schultz had criticized West—without mentioning his name—saying it was “unbelievable for a member from South Florida” to vote for the GOP’s “cut, cap, and balance” plan, because...

Behind the Gang of Six's Resurrection: Tom Coburn

Many Senate Republicans now back deal that includes new revenues

(Newser) - Tom Coburn got the old gang back together yesterday—the “Gang of Six” that is—reviving hopes that the Senate could forge a major debt reduction deal. “I’m back,” Coburn declared before a crowd of almost 50 senators from both parties, to a resounding round of...

Poll: Public Wants Debt Compromise

GOP losing ground in battle for public opinion

(Newser) - As talks drag on, public opinion is shifting in favor of lifting the debt ceiling and against politicians who refuse to budge, according to two new polls. Some 38% of Americans now favor lifting the debt ceiling, a 10-point jump from a month ago, as opposed to 31% against, according...

Cut, Cap, and Balance Act Passes House
House Passes
Doomed Debt Measure
Jul 19, 2011 9:40 PM CDT

House Passes Doomed Debt Measure

'Cut, cap and trade' plan expected to die in Senate

(Newser) - The House of Representatives passed the Tea Party-backed "cut, cap and balance" plan today, sending the measure to the Senate, where it stands next to no chance of passing. The measure, which requires trillions in spending cuts and a balanced-budget amendment to the Constitution in return for raising the...

Obama Praises Bipartisan 'Gang of Six' Debt Plan

President calls for end to 'posturing'

(Newser) - With time running short on the debt limit, President Obama today hailed a plan by a bipartisan senators' group on deficit reduction as the kind of "balanced approach" the nation is looking for. He said it's time for Congress as a whole to rally around such a proposal....

Clinton: Obama Can Just Raise Debt Ceiling Himself
Clinton: Obama Can Just Raise Debt Ceiling Himself
Interview
Jul 19, 2011 8:07 AM CDT

Clinton: Obama Can Just Raise Debt Ceiling Himself

I'd 'force the courts to stop me,' he says

(Newser) - Bill Clinton sees a really easy way out of the debt ceiling crisis: He thinks President Obama has the constitutional power to just raise the darn thing if he wants. The 14th Amendment states that “the validity of the US public debt shall not be questioned.” In an...

No Debt Compromise In Sight
 No Debt Compromise in Sight 
Jul 19, 2011 7:58 AM CDT

No Debt Compromise in Sight

One top Democrat says things getting 'very, very scary'

(Newser) - Exasperation is high on Capitol Hill, as the House and Senate barrel ahead with unrelated debt ceiling plans, neither of which resemble the “grand bargain” President Obama wanted. Today, John Boehner will hold a vote on his so-called “Cut, Cap, and Balance” bill, which calls for $5.8...

GOP's Coburn Bares Plan for Mass Cuts, $1T Tax Boost

Medicare, Pentagon on chopping block in plan to slice $9T in debt

(Newser) - One of the Senate's staunchest budget-cutters has unveiled a massive plan to cut the nation's deficit by $9 trillion over the coming decade, including $1 trillion in tax increases opposed by most of his fellow Republicans. Sen. Tom Coburn's plan is laced with politically perilous proposals—like...

Gary Younge: Debt Ceiling Battle Reveals GOP 'Madness'
 Budget Battle Shows 
 GOP's 'Madness' 
OPINION
Jul 18, 2011 6:23 PM CDT

Budget Battle Shows GOP's 'Madness'

'Dysfunctional' party is pointing the nation toward something like Armageddon

(Newser) - One thing we’ve learned from the debt ceiling debate: Republicans are no longer behaving rationally. They’ve been revealed as a “dysfunctional” party “whose conservative wing is behaving less like a mainstream electoral force than an ultra-left sect being advised by a petulant 2-year-old,” writes Gary...

Senate to Stay in Session Until Debt Deal Done
 Reid: Senate Is Open 
 Until Debt Deal Done 
TICK TOCK, TICK TOCK
Jul 18, 2011 4:34 PM CDT

Reid: Senate Is Open Until Debt Deal Done

Obama says he will veto proposed budget amendment to Constitution

(Newser) - So much for the weekend plans of the United States Senate: The Chicago Tribune notes that Harry Reid said today he'll hold session every single day "from now until Congress passes legislation that prevents the United States from defaulting on our obligations." While little progress was made...

Fitch Threatens to Downgrade US, Too

Joins S&P and Moody's

(Newser) - The third major bond rating agency joined the chorus warning that the US is in danger of losing its AAA credit rating today. Fitch Ratings said it was placing US in the “ratings watch negative” category, which according to Politico can lead to a downgrade in three to six...

Gold Cracks $1,600 for New Record

Stalled debt ceiling negotiations contribute to soaring value

(Newser) - The price of gold has topped $1,600 per troy ounce for the first time ever as worry increases about US and European economies. In New York, futures hit $1603.80 per ounce and in Europe, spot gold reached $1603.29 per ounce, reports the Wall Street Journal . The soaring...

Poll: 71% Disapprove of GOP's Debt Efforts
 71% Disapprove of 
 GOP's Debt Efforts 
poll numbers
Jul 18, 2011 10:50 AM CDT

71% Disapprove of GOP's Debt Efforts

Democrats' approval numbers slightly better at 31% to GOP's 21%

(Newser) - Some 71% of Americans disapprove of Congressional Republicans’ handling of the debt crisis, while just 21% support the GOP’s efforts, a CBS News poll finds. Congressional Democrats fare better, but only slightly so: 58% disapprove of their work on the issue; 31% approve. President Obama gets the best poll...

Moody&#39;s: Kill the Debt Limit
 Moody's: Kill the Debt Limit 
Jul 18, 2011 7:59 AM CDT

Moody's: Kill the Debt Limit

Credit agency urges US to be more like Chile

(Newser) - With the debt ceiling hanging over Washington like the Sword of Damocles, Moody’s offered a novel suggestion today: Why not just scrap the thing entirely? “We would reduce our assessment of event risk if the government changed its framework for managing government debt,” to prevent future showdowns...

Senate Likely to Vote on McConnell Debt Deal

They'll also vote on a balanced budget amendment

(Newser) - Mitch McConnell and Harry Reid are busily hammering out a debt ceiling Plan B, and are likely to put it to a vote in the coming week, senior Democratic aides tell Reuters . It would be based on McConnell's widely panned plan to allow Democrats to raise the ceiling, but...

Obama, Congress Still Seek 'Grand Bargain'

New committee to look for $5T in cuts over 10 years

(Newser) - That big debt ceiling deal just won't die: Lawmakers are still working on an ambitious "grand bargain" that would hack as much as $5 trillion from the national debt over the next decade, reports the Washington Post . President Obama, House speaker John Boehner, and other congressional leaders have...

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