U.s. Debt Limit | featured news

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.

The United States would immediately have its top-notch credit rating slashed to "selective default" if it misses a debt payment on August 4, Standard & Poor's managing director John Chambers told Reuters.

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.

Ratings agency Moody's warned on Thursday it would consider cutting the United States' coveted top-notch credit rating if the White House and Congress do not make progress by mid-July in talks to raise the debt limit.

House Republicans engineer the defeat of their own proposed $2.4 trillion increase in the debt limit because it did not come accompanied by spending cuts.

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