WASHINGTON—The Biden administration and Capitol Hill leaders are scrambling to avoid a first-ever government default that could, taking potential alternative strategies more seriously after months of deadlock over raising the country’s borrowing limit.
Publicly, both Republicans and Democrats are still sticking to their demands as the clock ticks. GOP lawmakers are seeking to force cuts to federal spending in exchange for supporting raising the debt limit, while Democrats continue to call for a debt-limit increase without any other policy conditions.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
White House details ‘severe damage’ if debt ceiling defaultThe White House will publish new calculations warning about the potential damage to the U.S. economy should the government fail to raise the nation's debt limit default, according to a White House blog post obtained first by NBCNews.
Source: NBCNews - 🏆 10. / 86 Read more »
White House warns debt default could wipe out 8 million jobs, plunge stock market | CNN BusinessWhite House economists warned on Wednesday that a protracted debt default would cause the loss of more than 8 million jobs and cut the stock market in half.
Source: CNN - 🏆 4. / 95 Read more »
White House warns of recession as debt limit fight drags onWhite House economists are warning of “severe damage” to the U.S. economy in the event of a debt default. And in a new report, they detail potential job losses and stunted economic growth if lawmakers engage in “brinkmanship” before ultimately reaching a deal to meet the government’s financial obligations. The experts' analysis evaluates three potential scenarios as the Treasury Department says that without congressional action, it'll run out of tools as soon as June 1 to avoid a default. One scenario is a protracted default and the second is a short one. In the third scenario, lawmakers take the country’s full faith and credit to the wire, but avert default. The report says all three would hurt the economy.
Source: AP - 🏆 728. / 51 Read more »
Explainer: Could Biden avert a debt default by using the 14th Amendment?The divided U.S. Congress is running out of time to raise the federal government's $31.4 trillion debt ceiling, with the Treasury Department warning it could be unable to pay its bills as soon as June 1.
Source: Reuters - 🏆 2. / 97 Read more »
Treasury’s Yellen says US could default as soon as June 1In a letter to House and Senate leaders, Yellen urged congressional leaders “to protect the full faith and credit of the United States by acting as soon as possible” to address the $31.4 trillion limit on its legal borrowing authority
Source: denverpost - 🏆 13. / 72 Read more »