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debt ceiling
Geithner Confident Congress Will Raise Debt Limit
By not in system - AOL NewsWASHINGTON - Treasury Secretary Timothy Geithner says Republican leaders have privately assured the Obama administration that Congress will raise the government's borrowing limit in time to prevent an unprecedented default on the nation's debt. But a top Republican quickly pushed back Sunday and said there was no guarantee the GOP would agree to increase the $14.3 trillion debt ceiling without further controls on federal spending. William B. Plowman, NBC NewsWire / Getty Images Treasury Secretary Timothy Geithner, left, told "Meet the Press" host David Gregory during an interview ...
Forget the Obama Budget -- the Real Crisis Ahead Is the Debt Ceiling
By Walter Shapiro - Politics DailyFor all the red-ink rhetoric that engulfed Washington Monday with the release of Barack Obama's $3.7 trillion budget, the partisan talking points ("win the future" versus "spending the future") have far more to do with the 2012 elections than the national debt. The economic document that matters right now is not the line items in the 2012 budget, the ever-shifting House GOP proposals to slash as much as $74 billion in government spending this year, nor even the slash-and-burn report of the president's bipartisan fiscal commission. Far more important for those who worry about America's fiscal ...
Obama Budget Due Monday as Debate Nears on Raising Debt Ceiling
By Tom Diemer - Politics DailyIt's crunch time. With deficit hawks hovering, President Obama will offer his 2012 budget Monday, a spending package likely to include enough cuts to offend liberals, but not enough to mollify conservatives. But that's just an opener. House Republicans, facing an early March deadline to finish business on the current budget, are also feeling the heat -- both from tea party activists and from penny pinchers among the broader membership. A proposal unveiled Wednesday to trim as little as $35 billion or as much as $74 billion -- depending on whose baseline you use -- was met with scorn by ...
Republicans Move to Trim the Deficit -- but Are Their Efforts for Real?
By Alex Wagner - Politics DailyA day after President Obama called for a more united approach in moving the country forward -- a centrist appeal that worked well for him at the polls, at the very least -- congressional Republicans advanced more partisan measures to demonstrate their commitment to trimming the federal deficit. The GOP's efforts were timed for maximum impact: Following Obama's State of the Union speech, the Congressional Budget Office Wednesday morning released its projection that the country would have an estimated 1.5 trillion deficit in 2011 -- an increase from $1.3 trillion in 2010. Accounting for the ...
Federal Budget Deficit on Track to Hit Record $1.5 Trillion
By not in system - AOL NewsWASHINGTON -- Far from slowing, the government's deficit spending will surge to a record $1.5 trillion flood of red ink this year, congressional budget experts estimated Wednesday, blaming the slow economic recovery and last month's tax-cut law. The report was sobering new evidence that it will take more than President Barack Obama's proposed freeze on some agencies to stem the nation's extraordinary budget woes. Republicans say they want big budget cuts but so far are light on specifics. Wednesday's Congressional Budget Office estimates indicate the government will have to borrow 40 cents ...
Palin: Obama 'Hell-Bent' on Weakening America
By Tom Diemer - Politics DailySarah Palin says President Obama's push to raise the nation's debt ceiling demonstrates that he is "hell-bent on weakening America." Palin, interviewed Friday by radio talk show host Laura Ingraham, said the president of the United States was "purposefully weakening America." During the exchange, the conservative Ingraham, apparently wishing to make sure she had heard correctly what Palin was saying, asked, "So his (Obama's) goal is to weaken America?" "On this issue, it has to be," Palin said. "Otherwise, what did he mean back in March of '06 when he said he understood that raising the debt ...
Budget Cop Paul Ryan: No 'Naked' Debt-Ceiling Increase, No Bailouts for States
By Jill Lawrence - Politics DailyRep. Paul Ryan, chairman of the House Budget Committee in the new Republican era, is staking out territory as the tough new cop on the beat. In an hour-long session at the National Press Club, Ryan laid down conditions for raising the debt limit. He also said his budget won't include any money for the new health care law and he opposes bailing out states in fiscal crisis. The country's debt is more than $14 trillion and rising, and is expected to bump up against a borrowing ceiling in early spring. Ryan (R-Wis.) said that "obviously we can't default." But he said his party won't vote to raise ...
John Boehner's House Party -- and the Limits of a Speaker's Power
By Walter Shapiro - Politics DailyIt is the rarest event in modern American democracy -- the peaceful transfer of power from one party to another in the House of Representatives. When Republican John Boehner claims the gavel from Democrat Nancy Pelosi at noon Wednesday to become the 61st speaker of the House, it will mark only the third party shift since 1955 in the congressional body supposedly most responsive to the voters. Everything else in the capital changes (control of the Senate has ping-ponged eight times since 1955, counting three turnovers in 2001 alone), but the House endures as Washington's answer to the Rock of ...
Federal Debt Tops $14 Trillion, U.S. Treasury Reports
By Carla Baranauckas - Politics DailyThe national debt has risen by $1 trillion since June, reaching a new high of more than $14 trillion, the U.S. Treasury reported on its website Monday. The new high was reached on Friday. To be precise, the amount of money the government owes is $14,025,215,218,708.52, according to the Treasury website. And that figure is growing ever closer to the debt limit of $14.294 trillion set by Congress. If Congress does not vote to raise the debt limit, the U.S. government could be in danger of shutting down or defaulting on its obligations. But passing an increase in the limit may be difficult, ...
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