House Republicans to consider debt prioritization bill as default looms
The House Ways and Means Committee will consider a bill on Thursday that would prioritize federal spending if the U.S. hits the debt ceiling later this year.
Social Security on a path to major benefit cuts unless Congress acts, CBO director says
CBO Director Phillip Swagel said that once Social Security's trust fund becomes exhausted in 2032, benefits would automatically be cut by 25% unless Congress acts.
Economy, job market among nation’s most pressing issues, say concerned Americans
People in Austin, Texas, identified what they believed to be the most pressing issues facing America currently, with over half of people pointing to the economy
Interest payments on the national debt to reach $1.4 trillion annually in 2033: CBO
The CBO projects that the cost of servicing the national debt will more than double over the next decade to over $1.4 trillion in interest payments in FY2033.
US debt default deadline looms this summer or early fall, ‘urgent need’ for Congress to act: BPC
The Bipartisan Policy Center said that the "X date" on which the debt limit will need to be raised to avoid default will arrive this summer or early fall, depending on tax revenue.
US national debt to rise by $20 trillion over the next 10 years: CBO
The CBO released its annual budget and economic outlook which projects that the U.S. national debt will grow by about $20 trillion over the next 10 years.
Biden invokes 'chaos,' sticks to refusal to negotiate on debt during first post-State of the Union speech
President Joe Biden on Wednesday said defaulting on the national debt -- as advocated by some Republican lawmakers -- would lead to "chaos."
Republicans sound off on Dem spending amid debt ceiling battle
Capitol Hill Republicans voiced their displeasure with Democratic spending levels as House Speaker Kevin McCarthy met with President Biden over raising the debt ceiling.
AOC blames Trump tax cuts for deficit when asked if Democrats have spent too much
House Democrats are blaming former President Donald Trump for the rising national debt and trillion-dollar budget deficits two years after Trump left office and Democrats assumed control of Congress.
Big spending cuts required to balance federal budget: CRFB
Balancing the federal budget would require significant spending cuts without tax increases and even additional tax revenue may not close the deficit, based on a CRFB report.
Bipartisan TRUST Act aims to shore up Social Security, Medicare, Highway trust funds
The bipartisan TRUST Act would establish rescue committees that propose financial fixes for endangered trust funds that feed Social Security, Medicare, and highway projects.
US debt ceiling forces Treasury into 'extraordinary measures'
The U.S. officially hit its debt ceiling of $31.38 trillion Thursday, which prompted the Treasury Department to use "extraordinary measures" to avoid defaulting on the national debt.
GOP lawmakers propose balanced budget amendment as US nears debt ceiling
Republican lawmakers are offering proposals to add a balanced budget amendment to the Constitution as the U.S. is poised to hit its debt ceiling Thursday.
Budget cap battle brewing between GOP, Dems as debt limit looms
Democrats and Republicans in Congress are set to debate spending and the national debt as the federal government faces a looming deadline to raise the debt limit.
US debt ceiling will require Treasury 'extraordinary measures' to avoid default
With the U.S. on track to hit the debt ceiling limit next week, Treasury Secretary Janet Yellen warns 'extraordinary measures' will be taken to navigate the crisis.
Larry Kudlow: A political and fiscal drain from clogged Democratic arteries could invigorate a shaky economy
FOX Business host Larry Kudlow breaks down the U.S. debt ceiling and reveals how the House GOP can revive the economy by proposing a budget resolution on "Kudlow."
$31.4T government debt limit close to maxing out
The federal government is expected to reach its debt limit in the next few weeks which will prompt the Treasury to take extraordinary measures to stave off default.
JPMorgan Chase CEO Jamie Dimon: Government default would be ‘catastrophic’ ahead of funding deadline
Jamie Dimon said that Republicans and Democrats should address the debt ceiling now rather than risk a showdown later as they continue working to avoid a government shutdown.
Debt ceiling bomb nears as government spending balloons
The federal government will soon hit the debt ceiling, which means no additional borrowing can take place. Measures will be needed to make sure the ceiling is not breached.
Biden's student loan repayment pause may cost another $40 billion: CRFB
President Biden's latest extension of the student loan repayment pause could cost taxpayers another $40 billion, according to the nonpartisan Committee for a Responsible Federal Budget.