FUBAR

Economy continues to slow down

Economy continues to slow down

The economy likely grew in the first half of the year at the slowest pace since the recession ended, and the second half isn’t looking much better. Weak consumer spending, dismal hiring and cuts in government spending likely held back growth in the April-June quarter. The government will report on second-quarter growth on Friday. Economists […]

Dysfunctional House sets vote on doomed GOP debt limit bill

Dysfunctional House sets vote on doomed GOP debt limit bill

House Republicans are pressing ahead with a vote on a newly modified plan to stave off an unprecedented government default next week even though the legislation faces a White House veto threat and unanimous opposition among Senate Democrats. As the House prepared to vote Thursday, investor worries that a dysfunctional Congress might remain gridlocked sent […]

Short-term or long-term? That is the question

Short-term or long-term? That is the question

It’s a central question in the debt ceiling debate: How long should the nation’s new borrowing authority last? From the start, President Barack Obama has insisted that Congress must raise the current $14.3 trillion debt limit by $2.4 trillion. That would work out to about a 17-month extension, setting up the next vote safely after […]

Aug. 2: A phony debt-limit deadline?

Aug. 2: A phony debt-limit deadline?

Will the sky fall on August 2 if Congress fails to raise the debt ceiling? Not likely, according to analysts, who say that even without the ability to borrow more money, the government could avoid a devastating default for another week or so. That raises the question of how urgently action is needed to increase […]

Right-wing puts Boehner in a vise

Right-wing puts Boehner in a vise

Neither the House nor the Senate has a clear path forward for must-pass legislation to allow the government to continue to borrow to pay its bills, putting lawmakers and financial markets alike on edge less than a week before the deadline for heading off the nation’s first-ever default. House Speaker John Boehner was forced late […]

Lots of posturing, no movement towards debt deal

Lots of posturing, no movement towards debt deal

Rival Democratic and Republican plans to raise the government’s borrowing ability have thrust Congress into a standoff just one week away from a potentially devastating debt crisis. President Barack Obama made a last ditch call for compromise, but House Speaker John Boehner said negotiations with the White House had been futile. “We can’t allow the […]

Boehner’s two-step plan: Risky politics

Boehner’s two-step plan: Risky politics

So many Americans are so sick of political acrimony over raising the U.S. debt limit that it might seem unfathomable to have to do it all over again early next year. But that is exactly what the top U.S. Republican, John Boehner, is proposing for some practical political reasons. If Boehner, the Speaker of the […]