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Many lose, few win in debt deal debacle

Many lose, few win in debt deal debacle

The chaotic and often ugly debt-ceiling talks managed to avert a potential economic catastrophe but inflicted new damage to the political reputations of most of the key players. The 11th-hour deal to raise the federal government’s debt ceiling and avoid default was a rare Washington compromise — it produced few clear winners and losers but […]

The dirty dozen: A ‘super congress?’

The dirty dozen: A ‘super congress?’

The nation’s bills are being paid and Congress has bolted the hothouse of Washington, one debt limit deadline beaten and another ahead for a dozen yet-to-be-named lawmakers. They might want to hold off making Thanksgiving and Christmas plans. For the six Republicans and six Democrats, the toughest-to-swallow items on the deficit-cutting menu await. This group, […]

Giffords adds to debt-limit drama

Giffords adds to debt-limit drama

The total number of votes on the historic debt-limit bill was 430. One vote was more memorable than any of the others. Seven months after she was shot in the head, Rep. Gabrielle Giffords returned to the House on Monday to cast her vote. Thunderous applause and emotional hugs from her Republican and Democratic colleagues […]

Debt-limit debacle draws to a close…for now

Debt-limit debacle draws to a close…for now

The United States is poised to step back from the brink of economic disaster on Tuesday as a bitterly fought deal to cut the budget deficit is expected to clear the Senate and President Barack Obama‘s desk. Just hours before the Treasury’s authority to borrow funds runs out — risking a damaging U.S. debt default […]

Right-wing issues warning on debt deal

Right-wing issues warning on debt deal

Conservatives are warning of lasting political consequences as the Republican presidential field offers conflicting positions on the debt-ceiling compromise. Some activists likened the political impact of the high-stakes fight over the nation’s borrowing limit to the debate preceding the invasion of Iraq. And interest groups promised that each presidential contender’s position would be remembered, particularly […]

Tea party extremism; buyer’s remorse

Tea party extremism; buyer’s remorse

House Republicans rode the tea party tiger to power last fall. Now it’s turning on them, forcing party leaders to endure embarrassing delays and unwanted revisions to crucial debt-ceiling legislation. This tiger did not change it stripes. When tea partyers emerged as a political phenomenon in 2009, they vowed to stand on principle and change […]

Senate Democrats overestimate deficit cuts

Senate Democrats overestimate deficit cuts

Senate Democrats‘ legislation to reduce the U.S. deficit and increase borrowing authority would cut $2.2 trillion from deficits, about $500 billion less than Democrats claimed, the Congressional Budget Office said Wednesday. The non-partisan budget scorekeeper for Congress also confirmed that about half of the Democrats’ proposed savings would come from reduced costs as the United […]

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 […]