(VOVworld) – Efforts to solve the problems of the government budget and public debt ceiling seem to be in the deadlock as the latest talks between Democratic and Republic senators on Sunday saw no progress despite the debt ceiling period approaching.
Senate Majority leader Harry Reid said on Sunday that there was little progress in the meeting between himself and Minority leader Mitch McConnell, and the two sides had still failed to reach an agreement. Democrat Senator Charles Schumer said that the US was still in fiscal deadlock but glimmers of hope had emerged. Schumer said agreement on reopening the government and debt ceiling rate was likely to be reached as negotiations continued between the two sides. As schedule, senate leaders had separate meetings on Monday.
US Treasury Secretary Jack Lew warned Sunday that Congress was "playing with fire" as Republicans raised the threat of a US default if President Barack Obama refuses to negotiate on spending.Obama warns Wall Street over fiscal crisis Speaker John Boehner said the Republican-controlled House would not raise the US debt ceiling without concessions from the White House, staking his position as the government shutdown dragged into day six. "We're not going to pass a clean debt limit increase," Boehner said in an interview on ABC's "This Week." "I told the president, there's no way we're going to pass one. The…... [read more]
Crucial high-level talks on raising the US borrowing limit collapsed after Republicans walked out, accusing the White House of provoking an impasse with demands to raise spending and taxes. Republicans, who won the House of Representatives last November amid public anxiety over government debt, will only back raising the borrowing limit in return for steep cuts in the annual deficit set to hit $1.6 trillion this year. House Republican leader Eric Cantor pulled out of the latest scheduled session of talks chaired by Vice President Joe Biden on the issue because he said Democrats continued to insist that any deal…... [read more]
The House of Representatives voted on Wednesday to suspend the US debt ceiling until May, averting a potential default crisis and buying time for high-stakes budget negotiations. The bill now goes to the Senate where it is expected to pass and then be approved by President Barack Obama, defusing tensions as Democrats and Republicans struggle to reach a deal to rein in deficits and debt. The United States surpassed its congressionally-mandated $16 trillion borrowing limit late last year, and the Treasury has taken extraordinary measures to keep paying the government's bills until late February. Republicans had initially sought to tether…... [read more]
President Barack Obama on Monday rejected any negotiations with Republicans over raising the U.S. borrowing limit, accusing his opponents of trying to extract a ransom for not ruining the economy in the latest fiscal fight. At a White House news conference called to promote his position on the budget, Obama vowed not to trade cuts in government spending sought by Republicans in exchange for raising the borrowing limit. "What I will not do is to have that negotiation with a gun at the head of the American people," he said. With an agreement to prevent the economy falling over a…... [read more]
U.S. Senate on Thursday approved the postponement of the federal government's debt ceiling until May to keep the federal government in operation and give lawmakers more time to mull over how to rein in the government's mounting deficit. The 64-34 vote in the Democratic-led Senate sent the bill to U. S. President Barack Obama to sign into law. The White House has said Obama would sign it. The bill, which cleared the House last week, would temporarily suspend the 16.4-trillion-dollar debt ceiling until May 19, allowing U.S. Treasury Department to borrow whatever sum is necessary to pay the government's bills…... [read more]
The U.S. House of Representatives Thursday night postponed a crucial vote on the debt ceiling plan put forth by House Speaker John Boehner to avoid default, as GOP leaders were trying to securing enough votes within their party caucus. Under the newly-modified two-step plan outlined by Boehner, a Republican, the Congress would immediately raise the federal government's borrowing capacity by 900 billion U.S. dollars extending to early next year in exchange for 917 billion dollars in government spending cuts over a decade. The vote had been scheduled for Thursday evening, but GOP leaders said there would be no vote for…... [read more]
U.S. Treasury Secretary Timothy Geithner expressed confidence on Sunday that the U.S. Congress will raise the nation's borrowing cap. "I want to make it perfectly clear that Congress will raise the debt ceiling," Geithner told the ABC television in an interview, adding that Republicans told this to President Barack Obama on Wednesday in the White House. The world's largest economy is going to reach the current debt limit of 14.3 trillion U.S. dollars no later than May 16 this year. Defaulting on legal obligations of the United States would trigger a financial crisis potentially more severe than the crisis from…... [read more]
The House of Representatives passed legislation Wednesday to temporarily increase the country's debt ceiling. The measure passed 285 to 144 and will raise the country's debt limit until May 19 and allow the federal government to cover debts. The solution suggested by Republican Senators in the House of Representatives will remove the default risk and give time to discussion on US government's budget in the next stage. Republican Senator Leader, a majority party of US Senate, Harry Reid said that Senate will soon pass the draft and immediately transfer to the Whitehouse for President Brack Obama approval.... [read more]
The U.S. House of Representatives Monday passed a last-ditch bipartisan debt ceiling plan to avert a looming debt default crisis. U.S. President Barack Obama announced Sunday night that he had reached a last-minute debt ceiling deal with Republican and Democratic leaders to avert a looming debt crisis. The 269-161 vote in the Republican-held House cleared a key hurdle for the package to become law. The passage of the bill in the lower chamber came after House Speaker John Boehner, a Republican, and Vice President Joe Biden, a Democrat, Monday struggled to get rank-and-file support from their parties and secure its…... [read more]
U.S. President Barack Obama said Sunday night that he had reached a last-minute debt ceiling deal with Republican and Democratic leaders to stave off a looming debt default crisis. A bipartisan plan could help lift the cloud of uncertainty over the U.S. economy and financial markets, he said at a hastily arranged press conference to ease market jitters. The U.S. federal government's borrowing limit, currently at 14.29 trillion U.S. dollars, was reached on May 16. The Treasury Department said that it would run out of cash to pay its bills unless Congress agreed to raise the limit by Aug. 2.…... [read more]