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Deal to raise debt ceiling criticized by members of both parties Now that President Biden and House Speaker Kevin McCarthy have reached an agreement to suspend the debt ceiling and prevent the nation from defaulting on its debts, the White House and congressional leaders must convince enough lawmakers in the narrowly divided House and Senate to pass the legislation. The agreement includes

Majority Leader Chuck Schumer on Thursday pulled procedural tricks out of his hat in an effort to short circuit right-wing stall tactics and rush the debt ceiling increase through the Senate. Facing a Monday deadline, the wily Brooklyn Democrat started the clock ticking to a final passage within minutes after the House passed the bill to avert a national default, a move that shaves 24 hours

At last the debt ceiling debacle looks close to being over. At least until the next time. It’s the worst political theatre possible and it happens time after time after time. Yet somehow much of the media always goes for the most unlikely result. Specifically, the message is simple: • Failure to raise the U.S. debt ceiling will result in America’s first default ever on its debt — the best debt

With a potential default date just days away, lawmakers have managed to avert economic calamity by coming to a deal in principle to raise the debt ceiling and cap government spending for two years. While the full details of the bill have not yet emerged, the reported elements of the deal included concessions from both parties, effectively ensuring that lawmakers won’t have to revisit the debt