America will not default on its financial obligations and an agreement on spending priorities will be reached in the coming days, President Joe Biden said before departing on a trip to strengthen U.S. relationships with allies. “America is not a deadbeat nation. We pay our bills. The nation has never defaulted on its debt, and…
Congressional Republicans Rally to Call on Biden to Reach Deal in Debt Ceiling Negotiations
Several Republican senators expressed solidarity with their House colleagues in support of the Limit, Save, Grow Act at a joint press conference attended by about 40 GOP members of Congress. The bill, passed by the House in April, would raise the debt ceiling by $1.5 trillion, enough to last for about one year, while limiting…
McCarthy on Debt Ceiling Talks with Biden: ‘A Little More Productive’
President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) have delegated primary negotiations over raising the debt ceiling and cutting spending to trusted surrogates, establishing a clearer process for resolving the standoff between the parties. Steve Richetti, counselor to the president, and Shalanda Young, director of the Office of Management and Budget, will negotiate on…
White House Turns Up Heat on Debt Negotiation Ahead of May 16 Meeting
The Biden administration turned up the heat on budget ceiling negotiations set for May 16 by releasing a pair of statements highlighting the urgency of a possible default on the nation’s financial obligations and detailing the spending cuts necessary to meet Republican budget targets. Treasury Secretary Janet Yellen had notified Congress on May 15 that…
Biden Hopeful of Debt Ceiling Deal as McCarthy Says Democrats ‘Want a Default’
President Joe Biden is optimistic about reaching an agreement with congressional Republicans on the nation’s debt ceiling. A follow-up meeting between the parties will likely take place on May 16, the president said. House Speaker Kevin McCarthy (R-Calif.) told reporters that Democrats appear to want a default more than they want a solution to the…
Congress Should Not Get Paid Unless Debt Ceiling Increased: Virginia Democrat Lawmaker
Members of U.S. Congress should not get paid unless the debt limit crisis has been raised, said Rep. Abigail Spanberger (D-Va.), as the Democratic end of the aisle remains resolute in their stance of non-compromise while GOP lawmakers are firm in their requirement for responsible fiscal spending. “As we quickly approach a default, Congress is…
Diesel Prices on Cusp of $4 a Barrel as Pump Prices Decline for Third Straight Week
May 8, 2023
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Average U.S. diesel prices have declined, while gas prices declined for the third consecutive week. The national average price of diesel fell by $0.063 over the last week, and now stands at $4.01 per gallon, $1.51 lower from a year ago, according to GasBuddy. The most common U.S. diesel price was $3.99 per gallon, which stood…
IN-DEPTH: Both Democrats and Republicans Think They Have Public On Their Side In Debt Fight—Why They’re Wrong
The political standoff over raising the federal debt ceiling, now in its fourth month, has brought the country within four weeks of defaulting on its financial obligations. As the impasse has become an exercise in political brinksmanship, both Republicans and Democrats appear to be betting that public opinion is on their side. They’re both right…
IN-DEPTH: How Democrat and Republican Voters See the Debt Crisis
The political standoff over raising the federal debt ceiling, now in its fourth month, has brought the country within four weeks of defaulting on its financial obligations. As the impasse has become an exercise in political brinksmanship, both Republicans and Democrats appear to be betting that public opinion is on their side. They’re both right…
IN-DEPTH: President Has Legal Grounds to Ignore Debt Ceiling, Some Experts Say
The three-month standoff between the White House and Congress over the debt ceiling threatens a first-ever default on the nation’s financial obligations, which could occur as soon as June 1. That possibility could be avoided if the president chose to simply ignore the debt ceiling and resume borrowing money to pay the legal debts Congress…
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