WASHINGTON — If lawmakers fail to reach a compromise on the nation’s deficit, it would not be the first time America defaulted on its loans…sort of. According to a report in The Washington Post, in 1979 the U.S. reached a last-minute approval that resulted in technical malfunctions in processing the backlog of paperwork, and subsequently […]
WASHINGTON — President Obama challenged Republicans to commit to a more ambitious, long-term plan on spending cuts, revenue increases and changes to entitlement programs, during a news conference Monday morning. The New York Times reports: Mr. Obama said he will not consider a short-term, stop-gap solution to raise the debt ceiling. “This is the United […]
WASHINGTON — As negotiations on raising the debt limit persist, reports say President Obama is willing to reduce significant spending in Medicare and Social Security in exchange for Republican support in fresh tax revenue. This deal may upset many Democratic policymakers, however, Obama is set to argue in a meeting Thursday morning that a consensus […]
The only Democratic president ever re-elected had advice for the current president on his debt ceiling talks: “Don’t Blink.” Former president Clinton urged President Obama to not allow the Republicans to get the upper hand in debt negotiation talks. “This is the political equivalent of the government shutdown when I was president,” Clinton offered, leaning […]
WASHINGTON — The Obama administration is negotiating with lawmakers to avoid exacerbating another financial crisis, by compromising with Republicans to have major spending cuts in exchange for raising the government’s borrowing limit. The United States government is set to default on its loans on Aug. 2, due to hitting its debt limit of $14.29 trillion […]
