The Fiscal Responsibility Act of 2023 resulted from a good-faith effort on both sides of the negotiating table to hammer out a solution to the debt ceiling crisis that would avoid a default. That’s a good outcome, according to Office of Management and Budget Director Shalanda Young, even though some may be disappointed with the…

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….

As negotiators are nearing an agreement to increase the nation’s debt ceiling, conservative House Republicans have urged House Speaker Kevin McCarthy (R-Calif.) to add to their demands on President Joe Biden rather than making concessions in order to close the deal. Negotiators from both sides have been meeting intensely for the past two weeks to…

Negotiations over raising the U.S. debt limit ahead of the June 1 deadline have stalled over the issue of 2024 limits on federal discretionary spending. White House negotiators Steve Ricchetti, counselor to the president, and Shalanda Young, director of the Office of Management and Budget, have been meeting with Rep. Garret Graves (R-La.) and Rep….

News Analysis Alexander Hamilton, the 32-year-old wunderkind serving as secretary of the Treasury, proposed a bold plan to the first U.S. Congress on Jan. 9, 1790. The federal government should assume the wartime debts of the 13 states, about $25 million worth, and retire them with funds borrowed at a lower rate of interest, then…

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…

The United States has no intentions of lifting the sanctions imposed on Chinese Defense Minister Li Shangfu, a State Department spokesperson said on May 22. The spokesperson’s comments seem to retract those made by President Joe Biden during the G-7 leaders’ summit in Japan on May 21, when he said the idea of easing Li’s…

House Speaker Kevin McCarthy (R-Calif.) and President Joe Biden clearly defined their areas of disagreement over raising the debt ceiling and cutting federal spending, paving the way for negotiators from both sides to iron out a deal. Emerging from a 90-minute conversation at the White House on May 22, McCarthy described the meeting in positive…

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…

Democrats are addicted to spending, and that must be stopped, according to House Speaker Kevin McCarthy (R-Calif.). The speaker staked out the primary objective of negotiations with President Joe Biden over increasing the nation’s $31.4 trillion debt ceiling in comments to reporters on Capitol Hill on the morning of May 22. Beginning in January, McCarthy…