White House, Debt Ceiling | featured news

The White House says a House Republican bill to extend the government's borrowing authority for three months still faces concerns in Congress but press secretary Jay Carney says that if it reaches President Barack Obama's desk, "he would not stand in the way of the bill becoming law.

In advance of Thursday’s White House meeting to resolve the stalemate in the debt talks, we've learned that Obama and Speaker Boehner share a goal to prove they can get a 'big' deal done.

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.

Republican lawmakers are stepping up pressure on the Obama administration to craft a Plan B just in case budget talks fall through and the debt ceiling remains frozen past the Aug. 2 deadline Treasury Secretary Tim Geithner has set.