August 1, 2011
Congressional leaders spent Monday trying to sell their respective caucuses in the House and the Senate on the benefits of the debt-ceiling and deficit-reduction agreement struck over the weekend at the White House. Here are some elements of the deal: -- If Congress approves it, the compromise would raise the government's borrowing limit in stages by at least $2.1 trillion and up to $2.4 trillion, while providing a dollar-for-dollar exchange in spending cuts. The package would resolve the issue until 2013, after the presidential election.
July 22, 2011 |
The Senate on Friday defeated the Republican "Cut, Cap and Balance" proposal, a move that puts the onus on President Obama and House Speaker John Boehner to present a plan soon to raise the debt ceiling or risk a potentially catastrophic default. The procedural vote to kill the measure that was approved by the Republican-controlled House on Tuesday was along party lines in the Democratic-controlled Senate. "We're going to dispose of this legislation as it needs to be, so that President Obama and the speaker can move forward on a [plan]
August 1, 2011 |
With the nation on the razor's edge of a government default, the last-ditch, bipartisan deal to raise the federal debt ceiling and slash the budget deficit cleared its largest hurdle Monday evening, as the Republican-controlled House easily passed the legislation by a 269-161 tally. The Senate will vote at noon Tuesday. If it passes, the legislation would then go to President Obama's desk for signature and to avert a default, which the White House has maintained could have done catastrophic damage to the flagging economy.
May 15, 2012 |
WASHINGTON -- Ready for another debt-ceiling standoff in Congress? House Speaker John A. Boehner said Tuesday he will insist on spending cuts in exchange for a vote in Congress to raise the nation's debt limit, forewarning a year-end showdown that could resemble the standoff that resulted in a gridlocked Congress and the nation's first ever credit rating downgrade. “We shouldn't dread the debt limit. We should welcome it. It's an action-forcing event in a town that has become infamous for inaction,” Boehner is expected to say Tuesday afternoon in remarks released by his office ahead of his talk at the Peter G. Peterson Foundation's 2012 Fiscal Summit in Washington.
February 20, 2012 |
As Mitt Romney slammed GOP rival Rick Santorum for repeatedly voting to raise the debt ceiling on Tuesday, he was standing alongside Sen. Rob Portman of Ohio who has also cast several ballots to raise the cap on the nation's debt. The former Massachusetts governor praised Portman for not being like other Republicans who went to Washington and embraced the capital's free-spending ways. "We have in Washington a malady that affects so many there -- not your senator, but many others, who somehow think it's OK to spend money that they don't have," Romney told the employees of a medical device manufacture gathered in the suburb of Cincinnati.
July 19, 2011 |
Bill Clinton says if he were president, he would not hesitate to raise the debt-ceiling himself under authority he argues is granted by the U.S. Constitution. The two-term Democrat, who squared off with Republicans during two government shutdowns, contended in an interview Monday that the 14 th Amendment allows for the president to ensure the nation's debt is covered. He said he would “force the courts to stop me.” “I think the Constitution is clear, and I think this idea that the Congress gets to vote twice on whether to pay for [expenditures]