Advertisement
 
YOU ARE HERE: LAT HomeCollectionsDebts
IN THE NEWS

Debts

NATIONAL
October 16, 2013 | By Michael A. Memoli and Brian Bennett
WASHINGTON - In a closed-door meeting on Wednesday, House Majority Leader Eric Cantor (R-Va.) listed the beliefs he said united Republicans, urging them not to "confuse tactics with principles. " "The differences between us are dwarfed by the differences we have with the Democratic Party," he declared. But in the Capitol's halls, as bruised and defeated Republicans discussed what had befallen them, those internal divisions seemed only to widen. "It's pretty hard when we have a circle of 20 people who stand up every day and say, 'Can we surrender today, Mr. Speaker?
Advertisement
NEWS
October 16, 2013 | By Lisa Mascaro and Michael A. Memoli, This post has been updated. See the note below for details.
WASHINGTON -- Senate leaders Wednesday jointly announced an agreement on a bipartisan proposal to extend the nation's debt limit and end the partial shutdown of the federal government. Congress is expected to approve the package, which would prevent an economically dangerous U.S. default. Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) revealed the agreement shortly after the Senate session began. β€œThe eyes of the world have been on Washington all this week,” Reid said.
NEWS
October 16, 2013 | By Morgan Little
The Senate shutdown/debt limit deal announced earlier today continues to build momentum, with the Senate expected to approve the measure tonight. The House is then expected to give its final approval before sending the bill to the White House, though many conservative House Republicans and prominent conservative groups have voiced opposition to any such plan. Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) took to the Senate floor Wednesday to praise the bipartisan deal that would reopen the federal government until Jan. 15, and extend the debt limit until Feb. 7. LIVE BLOG: Keep reading for latest developments in real time below Other provisions of the deal mandate the creation of a bipartisan budget conference and income verifications for those receiving subsidies under the Affordable Care Act. The deal is expected to pass in the House -- which had a tumultuous series of failed proposals and missteps Tuesday -- and eventually be signed by President Obama before the debt limit deadline Thursday.
NATIONAL
October 16, 2013 | By Lisa Mascaro, Michael A. Memoli and Brian Bennett
WASHINGTON - Congress gave final approval late Wednesday to a budget compromise, ending a 16-day government shutdown and averting the possibility of a default on the nation's bills, as a bitter partisan stalemate concluded with Republicans conceding defeat. "We fought the good fight," House Speaker John A. Boehner (R-Ohio) said in a Cincinnati radio interview hours before the final vote. "We just didn't win. " President Obama quickly signed the measure. Republicans had sought the confrontation in hopes that a shutdown and the threat of default would give them leverage to extract concessions from Obama on his signature healthcare law. In the end, the compromise negotiated by Senate Majority Leader Harry Reid (D-Nev.)
NEWS
October 16, 2013 | By Lisa Mascaro, Michael A. Memoli and Brian Bennett
WASHINGTON -- By an overwhelming vote, the Senate passed a budget compromise Wednesday night that would temporarily reopen federal agencies and allow the Treasury to continue borrowing to pay the nation's bills, averting the possibility of a default that could have seriously damaged the economy. The legislation now goes to the House, which was expected to follow suit later Wednesday night. Federal agencies could begin reopening in the morning, although full operation in some cases could take longer.
NEWS
October 16, 2013 | By David Lauter
Now that Congress is set to lift the current limit on how much the government can borrow, here are four facts about the national debt that, polls indicate, many people don't know. 1. The U.S. debt burden is starting to decline. That's right - it's going down, not up. The important measure of the debt is not the dollar amount, but its size relative to that of the economy. Just as a wealthy family easily can handle a mortgage that would crush a poor person, a large economy can handle a much bigger debt than can a smaller one. Economists measure the debt relative to the total size of the gross domestic product.
BUSINESS
October 15, 2013 | By Michael Hiltzik
As if extremists in the House Republican caucus don't already have too much influence over fiscal affairs, one of their latest proposals to resolve the shutdown/debt limit crisis would give them even more. This is a provision to prevent the Treasury from employing "extraordinary measures" to avert a default in the case of a debt limit breach. These extraordinary measures boil down to moving money around in federal accounts. They're effective in averting a fiscal meltdown, but only up to a point.
NEWS
October 15, 2013 | By Michael A. Memoli and Brian Bennett, This post has been updated. See below for details.
WASHINGTON -- House Republicans, moving to get ahead of a developing bipartisan proposal in the Senate, plan to move their own measure Tuesday to end the standoff over the federal budget. The House plan would include stronger measures targeting President Obama's healthcare law, but still represents a major scaling back of GOP demands and may draw opposition from the most conservative Republicans in the chamber. House Speaker John A. Boehner was to outline the plan in a meeting of the Republican majority Tuesday morning.
BUSINESS
October 15, 2013 | By Jessica Guynn and Andrew Tangel
SAN FRANCISCO - Twitter Inc. is moving full speed ahead with its initial public offering even as the world braces for the possibility of a U.S. debt default that would roil financial markets and hurt the stock's debut. The micro-blogging service said Tuesday that it would list its shares on the New York Stock Exchange, handing a major victory to the Big Board over its rival, the Nasdaq Stock Market. Also, Twitter could kick off its road show to market the IPO to investors in the last week of October, according to a person with knowledge of the matter who spoke on the condition of anonymity because he is not authorized to discuss it publicly.
Los Angeles Times Articles
|