House Of Representatives, Debt Ceiling | featured news

House Republicans are preparing for another showdown over the debt ceiling this summer. The House Ways and Means Committee passed a bill Wednesday to protect Social Security recipients and investors in Treasury bonds if the government hits the limit of its borrowing authority.

The U.S. House approved, 285-144, a bill to suspend the nation's $16.4 debt ceiling through May 18 to avert a U.S. default on its legal obligations and buy Washington more time to negotiate budget priorities.

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.

Backing down from their hard-line stance, House Republicans said Friday that they would agree to lift the federal government’s statutory borrowing limit for three months, with a requirement that both chambers of Congress pass a budget in that time to clear the way for negotiations on long-term deficit reduction.

Failure of Republican House leadership to pass a debt-reduction bill gives Democrats the edge, at least for now.

Rival Democratic and Republican plans to raise the government's borrowing ability have thrust Congress into a standoff just one week away from a potentially devastating debt crisis.

The Senate on Friday voted along party lines against the proposal to cut spending and raise the debt limit. President Obama pressed for compromise during a town hall meeting.

President Obama is threatening to veto a House Republican plan to address the debt ceiling standoff, which includes a proposed balanced budget ...

Top Republican lawmakers and the Obama administration’s budget director both predicted Sunday that an agreement would be reached before the federal government defaults on its debt in early August, but both sides continued to squabble over the details of competing proposals, offering little evidence that a deal was at hand.

President Obama said Friday Congress has a "unique opportunity to do something big" and stabilize the U.S. economy for decades by cutting deficits ...