Kevin McCarthy

If the Republican succeeds in pushing the budget-cutting deal through Congress, it will be an accomplishment like nothing he has achieved before

McCarthy said the House will vote on the legislation on Wednesday, giving the Senate time to consider it ahead of the June 5 deadline to avoid a possible default

Support from both parties will be needed to win congressional approval next week before the government’s projected June 5 debt default

Americans and the world are watching with concern the negotiating brinkmanship that could throw the U.S. economy into chaos and sap world confidence in the nation’s leadership

As soon as June 1, Treasury says it could run short of funds to pay the nation’s bills. A federal default on the national debt would send the economy into chaos

Both President Joe Biden and House Speaker Kevin McCarthy are speaking hopefully of the likelihood of an agreement to raise the government’s debt limit and avert an economically chaotic federal default

The rating agency Fitch has put the nation’s credit on ‘Rating Watch Negative,’ which amounts to a warning that it might downgrade the nations’ credit as a result of the debt ceiling impasse

Republicans are insisting on spending cuts in exchange for raising the debt limit, while Biden says the GOP lawmakers will have to back off their “extreme positions”

Without a political agreement between the Republicans and Democrats, the risk of default looms large, while shocks are guaranteed across the global market. Financial experts are advising clients to buy gold and keep cash on hand

Washington is racing to strike a budget compromise and raise the nation’s borrowing limit in time to avert a potentially devastating federal default as soon as next week

Both sides have said progress was being made but that they remain far apart. The Treasury Department has said an agreement should be reached before funding runs dries early next month

Republican lawmakers are holding tight to demands for sharp spending cuts, rejecting the alternatives proposed by the White House for reducing deficits

President Joe Biden and Republicans are racing to strike a deal as the nation careens toward a potentially catastrophic debt default if the nation fails to pay its bills

Republican Rep. Garret Graves of Louisiana says gaps remain in the negotiations with the White House. Graves says it’s ‘just not productive’ to continue discussions at this point

President Joe Biden and McCarthy both tapped their top representatives to press for results ahead of a deadline as soon as June 1. That’s when the U.S. could run out of funds to pay its obligations, sparking an economic crisis

He said he and lawmakers will come together “because there’s no alternative.” Speaker Kevin McCarthy agreed, though he was more combative, saying Biden had “finally backed off” and come to the negotiating table

The United States could run out of money to pay its bills as soon as June 1 if no deal is reached to raise the debt limit

Meanwhile, the president is cutting short his upcoming foreign trip to Japan, Papua New Guinea and Australia because of the looming debt limit crisis, the White House announced Tuesday

The Republican speaker told reporters Monday at the Capitol that the situation is ‘very concerning’ as time narrows to avert a crisis over the need to raise the nation’s legal borrowing limit

The meeting was initially supposed to be Friday, but was abruptly postponed so staff-level talks could continue before Biden and the four congressional leaders huddled for a second time

President Joe Biden has said recouping unspent coronavirus money is “on the table” in budget talks with Congress

‘America is the strongest economy in the world, but we should be cutting spending and lowering the deficit without a needless crisis,’ the president said

“That’s no way to govern,” the Republican leader has said. The White House “does not have a plan B,” he added

The president and the House speaker will meet today to discuss the standoff, which, according to a White House report, is already taking a toll on the nation’s economy

Biden wants Congress to simply raise the debt limit without any strings attached, while Republicans led by McCarthy are insisting on budget cuts in exchange for any votes to allow more borrowing to pay the nation’s bills

In a TV interview Sunday, the US Treasury Secretary didn’t rule out President Joe Biden acting on his own to try to avert a first-ever federal default

The Republican plan would raise the debt ceiling by $1.5 trillion in exchange for steep spending restrictions that Democrats oppose