Debt Limit

Obama signs bills raising debt limit, restoring vet benefits

Obama signs bills raising debt limit, restoring vet benefits

President Barack Obama on Saturday signed separate measures into law to lift the federal debt limit and restore benefits that had been cut for younger military retirees. Obama signed the bills during a weekend golf vacation in Southern California. The debt limit measure allows the government to borrow money to pay its bills, such as […]

Senate approves debt limit increase

Senate approves debt limit increase

Legislation to raise the federal debt limit and prevent a crippling government default cleared Congress on Wednesday with an awkward assist from top Senate Republican leaders who were forced into a politically treacherous vote engineered by tea party favorite Ted Cruz. The Texas Republican’s maneuver forced several GOP colleagues, including Minority Leader Mitch McConnell of […]

House approves ‘clean’ debt limit extension

House approves ‘clean’ debt limit extension

The House of Representatives narrowly approved a one-year extension of federal borrowing authority on Tuesday after Republicans caved into President Barack Obama’s demands to allow a debt limit increase without any conditions. The 221-201 vote, carried mainly by Democrats, marked a dramatic shift from the confrontational fiscal tactics House Republicans have used over the past […]

Deja vu? U.S. has a new debt limit to face

Deja vu?  U.S. has a new debt limit to face

The U.S. government is getting a new borrowing cap Friday, almost four months after Washington defused October’s government shutdown and debt crisis. The new cap on borrowing is expected to be about $17.2 trillion. It means Treasury Secretary Jacob Lew will have to employ bookkeeping maneuvers to keep the government functioning until Congress further raises […]