Debt Ceiling

US debt ceiling crisis: Why Joe Biden is wary of invoking the 14th Amendment

Joe Biden and his administration have been searching for ways to act unilaterally to avoid an economic ‘calamity’ if Congress can’t reach agreement to allow more borrowing. While some advocate using the 14th Amendment, the president has viewed the route as a problematic and untested legal theory

Joe Biden, Kevin McCarthy call debt talks ‘productive,’ but no deal on US debt ceiling

The White House meeting came after Biden returned from a trip to Asia early to hammer out an agreement ahead of the US Treasury’s June 1 cut-off date for Congress to authorize more borrowing.

Explained: How a US debt default would affect the global economy

The repercussions of a first-ever default on the US federal debt would quickly reverberate around the world. Experts say that 'no corner of the global economy would be spared'

US debt ceiling crisis: What happens if impasse between Joe Biden and Republicans can't be resolved

The US government aims to reach a budget compromise by 1 June. Republicans, led by Kevin McCarthy, demand spending cuts in exchange for raising the debt limit. While US president Joe Biden has joined the talks, he has urged GOP members to reconsider their 'extreme positions'

Debt ceiling: US President Biden, McCarthy to meet Monday as negotiators 'keep working' to resolve standoff

Negotiators for the Democratic president and Republican speaker met for 2 1/2 hours at the Capitol as talks appear to be narrowing on a 2024 budget year cap that would be key to resolving the standoff

Biden optimistic about avoiding default and raising debt ceiling at G-7 summit

During a bilateral meeting with Australian President Anthony Albanese at the Group of Seven Summit in Hiroshima, Biden addressed the debt ceiling discussions

Why US debt default could cause catastrophic damage to the dollar and its reputation

In August 2021, the mere prospect of a potential default led to an unprecedented downgrade of the nation’s credit rating, hurting America’s financial prestige as well as countless individuals, including retirees. An actual default would be far more damaging

US debt ceiling crisis nears: How this could create turmoil in the financial world

The debt ceiling, also known as the debt limit, is the amount the United States can legally borrow to fulfill its financial obligations. A failure to raise the limit would see the US default – a nigh-unthinkable event that would csend financial markets into a tailspin

U.S. House Republican hardliners unveil spending demands for raising debt ceiling

Biden's proposal and the hardline response are just early salvos in a budget negotiation that has higher-than-usual stakes because House Republicans have said they will not vote to lift the nation's $31.4 trillion debt ceiling unless Biden agrees to spending cuts.

US Senate votes to temporarily extend debt ceiling to avoid default as Democrats Republicans agree to a stop-gap fix

The breakthrough — which temporarily defers the crisis by adding another $480 billion to the allowable debt total — came with an estimated 11 days to go until the country would no longer have been able to borrow money or pay off loans for the first time in its history