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WASHINGTON (AP) — After weeks of negotiations, President Joe Biden and House Speaker Kevin McCarthy have announced an “ agreement in principle ” to raise the nation’s debt ceiling and avoid a potentially catastrophic default. The agreement includes spending cuts demanded by Republicans, but it is short of the reductions in the sweeping legislation passed […]

WASHINGTON (AP) — 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. Negotiators are now racing to finalize the bill’s text. McCarthy, R-Calif., said the House will vote on the legislation on Wednesday, giving the Senate time […]

WASHINGTON (AP) — One morning amid the debt ceiling crisis, House Speaker Kevin McCarthy climbed onto his mountain bike and took a ride along the National Mall, marveling at the monuments. The next day he arrived for negotiations at the Capitol carting in tortilla chips and queso for the beleaguered reporters waiting outside his office […]

WASHINGTON (AP) — An “agreement in principle” between President Joe Biden and House Speaker Kevin McCarthy would raise the nation’s legal debt ceiling, but now Congress has only days to approve a package that includes spending cuts and would avert a potentially disastrous U.S. default. The compromise announced late Saturday risks angering both Democratic and […]

Negotiators for President Biden and Speaker Kevin McCarthy (R-Calif.) struck an agreement late Saturday on government spending that will raise the debt ceiling and avert a looming default. The deal, which must still make its way through the House and Senate in the coming days, came together after days of intense negotiations to resolve disagreements […]

WASHINGTON (AP) — President Joe Biden and House Speaker Kevin McCarthy reached an “agreement in principle” to raise the nation’s legal debt ceiling late Saturday as they raced to strike a deal to limit federal spending and avert a potentially disastrous U.S. default. However, the agreement risks angering both Democratic and Republican sides with the […]

Top leaders in both parties reached a long-sought deal on Saturday to avoid an unprecedented government default, announcing an agreement on a plan to lift the debt ceiling for two years and apply new caps on federal spending over the same duration. To get there, negotiators had to iron out their differences on a small […]

A deal would avert a catastrophic U.S. default, but risks angering both Democratic and Republican sides with the concessions made to reach it.

WASHINGTON (AP) — President Joe Biden said a deal to resolve the government’s debt ceiling crisis seemed “very close” late Friday, even as the deadline for a potentially catastrophic default was pushed back to June 5 and seemed likely to drag negotiations between the White House and Republicans into another frustrating week. The later “X-date,” […]

WASHINGTON (AP) — Treasury Secretary Janet Yellen told Congress on Friday that the U.S. could default on its debt obligations by June 5 — four days later than previously estimated — if lawmakers do not act in time to raise the federal debt ceiling. Yellen’s letter comes as Congress breaks for the three-day Memorial Day […]