In our news wrap Wednesday, a powerful winter storm has begun to sweep across the South. A thick coat of ice has already knocked out power for hundreds of thousands of homes and businesses in Georgia, while black ice in North Carolina caused havoc for drivers. Also, the Senate gave final approval Wednesday to raise the national debt ceiling. Continue reading
Must-pass legislation to allow the government to borrow money to pay its bills has cleared Congress for President Barack Obama’s signature.
The Senate approved the measure by a near party-line 55-43 vote. All of the “aye” votes came from Obama’s Democratic allies. Continue reading
House Speaker John Boehner listened to his inner Kenny Rogers Tuesday, abandoning his search for a debt ceiling compromise that could win favor with his members and forcing Democrats to come up with most of the votes needed to pass an extension with no strings attached. Continue reading
Fewer than 24 hours after House Speaker John Boehner, R-Ohio, tried to sell fellow Republicans on a plan to increase the nation’s borrowing limit with a modest condition attached, Democrats got exactly what they wanted: a no-strings-attached vote to raise the debt limit.
House Democrats provided nearly all of the votes to pass the measure, which will give the Treasury Department authority to increase borrowing until March 2015. The final vote was 221 to 201, with 199 Republicans and two Democrats voting against the measure. Crucially, 28 Republicans voted with Democrats in order to make sure the debt limit passed.
Congress had until Feb. 27 to increase the limit, according to the Treasury department, or the U.S. government would not be able to pay for all of its bills. Continue reading
In our news wrap Tuesday, House Republicans gave up the hope of adding a provision on military pensions to legislation that would raise the debt ceiling. Also, in her first public comments as the chair of the Federal Reserve, Janet Yellen signaled she would preserve policy established by Ben Bernanke in reducing stimulus efforts. Continue reading
The U.S. government went back to work after Congress passed a bill that ended a 16-day shutdown and temporarily raised the debt ceiling. President Obama called on lawmakers to work together, while a small budget group began meeting in hopes of reaching a long-term solution. Congressional correspondent Kwame Holman reports. Continue reading
Nebraska State Capitol in Lincoln, Neb. Photo courtesy of Flickr user TexasExplorer98 The state of Nebraska is the best in the nation at managing its financial obligations, according to a report cited in The Des Moines Register Wednesday. Barron’s financial … Continue reading
The Senate was poised to support a bipartisan deal to fund the government though Jan. 15 and extend the debt limit until Feb. 17, just hours before the U.S. would have to default. Congressional correspondent Kwame Holman reports. Gwen Ifill gets an update on the last-minute efforts from Lori Montgomery of The Washington Post. Continue reading
As Congress narrows in on an end to the shutdown, the rest of the world is watching their actions closely. Judy Woodruff talks to Italian Prime Minister Enrico Letta about the importance of a U.S. budget deal on international market stability, the ongoing Euro crisis recovery and Italy’s next move on immigration reform. Continue reading
If lawmakers fail to avert a debt default, there could be a devastating impact on the national economy: mortgages soaring, consumers unable to borrow, the government forced to pay more to borrow more, plunging us deeper into debt. Economics correspondent Paul Solman reports on how the bond market is anticipating the situation. Continue reading