Congress, Debt | featured news

Days after one high-stakes standoff over finances was resolved, the two sides are getting ready for another as Congress prepares to address the nation’s borrowing limit.

President Barack Obama, in a populist step designed to appeal to voters, will propose a "Buffett Tax" on people making more than $1 million a year as part of his deficit recommendations to Congress on Monday.

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.

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

The United States could hit the legal limit on its ability to borrow as soon as March 31 and faces serious consequences unless Congress acts by then to raise it, Treasury Secretary Timothy Geithner said on Thursday.

Determined to have a deficit commission with or without Congress' backing, President Barack Obama plans to announce on Thursday that he is establishing a panel similar to – although weaker than – the one lawmakers rejected.