Congress, Debt Default | featured news

The U.S. Postal Service posted a net loss of $3.1 billion in its third quarter and warned again it would default on payments to the federal government if Congress did not step in.

The debate over raising the debt ceiling, which brought the nation to the brink of default, has sent disapproval of Congress to its highest level on record.

The president is the most visible symbol of what voters see as a badly dysfunctional government. Some Democrats say he could have negotiated better. Though he succeeded in staving off a historic default, President Obama emerges from the debt talks in a weakened political position with limited influence over a divided Congress.

British and Japanese officials warned Sunday of disastrous consequences for the global economy if last-minute talks among lawmakers in Washington failed to agree on raising the U.S. borrowing limit and averting a debt default.