The U.S. House of Representatives inched the country away from financial default by passing a temporary suspension of the nation’s debt ceiling. Members approved a compromise in the debt ceiling standoff negotiated by President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) in a bipartisan vote of 314 to 117 on May 31. Seventy-one Republicans…

Republican and Democratic leaders in Congress both portray the long-awaited deal to raise the nation’s debt ceiling as a win for their side. The Fiscal Responsibility Act of 2023, unveiled on May 29, ends a months-long disagreement between President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) over the terms for increasing the borrowing limit….

With President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) agreeing to a deal to raise America’s debt ceiling, the tough task ahead will now be to secure enough support from both parties to get the bill passed. McCarthy and Biden announced their debt-ceiling bill on Saturday. Both have praised the deal, calling it a…

The White House remains optimistic about achieving an agreement on raising the nation’s debt ceiling and preventing a default on the national debt. “[President Joe] Biden and [House Speaker Kevin] McCarthy [(D-Calif.)] had a productive meeting on Monday. Just moments ago, the White House negotiators ended their meeting; they met for hours. And so they’re…

Congress will approve a deal on the debt ceiling if the president and the speaker of the House are able to forge an agreement, House Speaker Kevin McCarthy (R-Calif.) predicted on May 22. “I think anytime you come to an agreement that you’re negotiating with the president, Democrats and Republicans are both going to vote…

A third U.S. bank failure in two months was not tied to the political standoff over the debt ceiling and is unlikely to impact negotiations on raising the nation’s statutory borrowing limit, but that could change, experts say. First Republic Bank was taken over by bank regulators on May 1, becoming the second-largest bank failure…

House Speaker Kevin McCarthy led his fellow House Republicans in passing a bill on Wednesday that pairs an increase to the U.S. federal debt limit with trillions in future spending cuts. The bill passed mostly along party lines, but four Republicans joined Democrats in opposition to the debt limit arrangement—albeit for different reasons than their…

President Joe Biden is already set to veto a bill favored by House Speaker Kevin McCarthy (R-Calif.) to pair spending cuts with an increase to the federal debt limit. Last week, House Republicans released their plan for a debt limit increase—the Limit, Save, Grow Act of 2023. The Republican bill allows the United States to…

The Environmental Protection Agency (EPA) tells residents in an Ohio town they are safe after a train spilled hazardous chemicals there earlier this month. But many are still scared and concerned. Tesla is recalling all of its “full self-driving” vehicles. What’s the potential problem, and what’s Tesla doing about it? U.S. household debt jumps to a…

The Environmental Protection Agency (EPA) tells residents in an Ohio town they are safe after a train spilled hazardous chemicals there earlier this month. But many are still scared and concerned. Tesla is recalling all of its “full self-driving” vehicles. What’s the potential problem, and what’s Tesla doing about it? U.S. household debt jumps to a…