Debt Limit | featured news

President Barack Obama pressed his case on Saturday for achieving deficit reduction, in part by ending tax breaks and singling out hedge fund managers, oil companies and billionaires to take the hit.

Regardless of any tax concessions President Obama achieves, the end result would favor Republican goals of cutting spending and government services. Even as the political battle mounts over federal spending, the end result for federal policy is already visible — and clearly favors Republican goals of deep spending cuts and drastically fewer government services.

Timothy F. Geithner is considering leaving the Obama administration after a deal is reached to reduce the federal deficit.

The Senate will forgo its scheduled recess for the week of July Fourth to work on cutting the deficit, Sen. Harry Reid said today.

President Barack Obama pressed his case Wednesday that tax cuts for the wealthiest Americans must be ended as part of a deficit deal, which he said he believed Republicans and Democrats would reach.

The International Monetary Fund urged U.S. lawmakers Wednesday to raise the nation's borrowing limit. It warned that inaction could lead to a spike in interest rates that would harm the U.S. economy and world financial markets....

President Obama meets with Senate leaders, but no one wants to back away from tough stances on taxes. Debt-reduction talks between congressional leaders and the White House entered a crucial phase Monday, with no clear framework for resolving the deadlock over taxes and spending and a deadline for a potential federal default fast approaching.

Vice President Joe Biden said Saturday the Obama administration wouldn't let middle class Americans "carry the whole burden" to break a deadlock over the national debt limit, warning that the Republican approach would only benefit ...

Democratic leaders called on Wednesday for new spending and tax cuts to boost the sluggish U.S. economy, setting up a fresh hurdle for bipartisan efforts to head off a government debt default this summer.

Federal Reserve Chairman Ben Bernanke warned on Tuesday that a failure to lift the government's $14.3 trillion debt ceiling risks a potentially disastrous loss of confidence in America's creditworthiness.