House Republicans narrowly passed a bill this week that would increase the federal government’s debt ceiling in exchange for $4.8 trillion in spending cuts over 10 years that show what the GOP cares about. It’s not our nation’s youth. Republicans propose slashing funding for ...
by Jonathan Bernstein House Speaker Kevin McCarthy went to New York on Monday to seek Wall Street’s support for his pursuit of a debt-ceiling deal tied to federal spending cuts. But financial industry pros know that attaching any strings to an increase in the borrowing limit is ...
House conservatives have devised a “new and improved” threat to the world economy if their demands are not met. Once again, they vow to vote against raising the cap on U.S. debt if desired cuts in government spending are not made. Once again, they insist their plan would not ...
by Doyle McManus President Joe Biden unveiled his $6.8 trillion budget proposal last week, and it drew the customary jaded responses: a work of fiction; a party platform with price tags; and, of course, dead on arrival. All true. But from Biden’s standpoint, the budget ...
by Karl W. Smith As disconcerting as the U.S.’s current debt situation is, the outlook is even worse. When the bipartisan Congressional Budget Office updated its forecasts this month, it estimated that debt held by the public will climb to $46 trillion by 2033 from $31 trillion ...
by Carl P. Leubsdorf It began as a way to make it easier for the federal government to sell bonds to finance the U.S. role in World War I. Now, more than a century later, the requirement for a legal ceiling on the federal debt has become something totally different: a political ...