May 28 Watch 7:26 What we know about Biden and McCarthy’s tentative deal to raise the debt limit By John Yang, Lisa Desjardins, Harry Zahn The White House and Congressional Republicans have reached an agreement in principle to raise the debt ceiling and limit new spending. The deal will avert a potentially calamitous federal default if Congress passes it by June 5. Congressional correspondent Lisa… Continue watching
May 28 What’s in and what’s out of the debt ceiling deal between Biden and McCarthy By Kevin Freking, Associated Press President Joe Biden and House Speaker Kevin McCarthy have reached an agreement in principle on legislation to increase the nation’s borrowing authority and avoid a federal default. A look at what’s in and out of the deal, based on what’s known so far. Continue reading
May 27 GOP negotiators are ‘closer to an agreement’ on debt limit, but no deal yet, McCarthy says By Mary Clare Jalonick, Associated Press House Speaker Kevin McCarthy said Saturday that Republican negotiators were “closer to an agreement” that would resolve the looming debt crisis, but had not reached a deal with President Joe Biden. Continue reading
May 26 Yellen says debt ceiling deadline is extended to June 5 By Lisa Mascaro, Seung Min Kim, Kevin Freking, Associated Press House Speaker Kevin McCarthy and debt ceiling negotiators have hit "crunch" time as they strain to make a deal with the White House to raise the nation's debt limit, avert default and cut federal spending. Continue reading
May 26 Deadline looming, Biden and McCarthy narrow in on budget deal to lift debt ceiling By Chris Megerian, Josh Boak, Zeke Miller, Mary Clare Jalonick, Associated Press Days from a deadline, President Joe Biden and House Speaker Kevin McCarthy are narrowing in on a two-year budget deal that could unlock a vote for lifting the nation’s debt ceiling. Continue reading
May 24 WATCH: White House holds briefing as ongoing debt ceiling negotiations continue By Lisa Mascaro, Stephen Groves, Seung Min Kim, Associated Press Jean-Pierre decried what the administration called a “manufactured crisis” set in motion by Republicans pushing “extreme proposals” that would hurt "every single part of the country, whether you’re in a red state or a blue state.”… Continue reading
May 24 WATCH: McCarthy says sides are ‘far apart’ as he sends negotiators to finish debt limit talks By Lisa Mascaro, Stephen Groves, Seung Min Kim, Associated Press Defiant, the speaker said “it's not my fault" that Washington was careening toward a crisis, pushing blame onto the White House. Continue reading
May 24 How a debt default could affect you By Lisa Desjardins, Joshua Barajas Let's walk through what the debt ceiling is, why it was created, and who could be affected first if the U.S. defaults on its bills. Continue reading
May 23 Watch 6:08 Economist Mark Zandi on the potential impacts of the U.S. defaulting on its debt By William Brangham, Shoshana Dubnow The impact of the U.S. defaulting on its debt would be felt by many Americans. It could include suspension of Social Security checks or a loss of food stamp benefits, to name just a few. Many economists argue it would… Continue watching
May 22 Here’s what would happen to the global economy if the U.S. defaults on its debt By Paul Wiseman, Associated Press If the debt crisis roiling Washington were eventually to send the U.S. crashing into recession, America's economy would hardly sink alone. The repercussions of a first-ever default on the federal debt would quickly reverberate around the world. Continue reading