Senate Minority Leader Mitch McConnell of Kentucky issued a scathing statement lambasting Senate Majority Leader Chuck Schumer (N.Y.) and saying he would no longer help them in future budget deals.
McConnell expressed his anger and frustration after Schumer attacked Republicans on Thursday after a deal was reached to raise the debt ceiling by $480 billion until December. "Last night, Republicans filled the leadership vacuum that has troubled the Senate since January. I write to inform you that I will not provide such assistance again if your all-Democrat government drifts into another av [...]
President Joe Biden appears unable to strike swift agreement with two wavering Democratic senators over his big $3.5 trillion government overhaul.
Sen. Bernie Sanders is urging progressives in the House to withhold their votes on the Senate-passed $1.2 trillion infrastructure bill until a sweeping $3.5 trillion social spending bill is passed.
Unlinking the two issues will help the majority party prevent a government funding lapse this week. But Democratic leaders are still scrambling for a plan to head off a U.S. debt default.
JPMorgan Chase has begun preparing for the possibility of the US hitting its debt limit, Chief Executive Jamie Dimon told Reuters on Tuesday, adding he nevertheless expected policymakers to find a solution to avoid that “potentially catastrophic” event. The country’s largest lender has begun scenario-planning for how a potential US credit default would affect the...
On Monday, the Senate met to vote on a continuing resolution advanced by House Democrats to fund the government through December and provide emergency aid for areas affected by Hurricane Ida and Afghan refugees. In a roughly party-line vote, the upper chamber failed to meet the 60-vote threshold to begin debate on the resolution, a […]
House Speaker Nancy Pelosi (D-Calif.) shifted her messaging around the reconciliation package. Going on the weekend talk show circuit on Sunday, the California Democrat said the final proposal would be less than the $3.5 trillion currently proposed.
Senate Minority Leader Mitch McConnell (R-Ky.) told Secretary of Treasury Janet Yellen during a phone call that he will not change his decision to not raise the debt limit, saying he opposes the recklessness of the $3.5 trillion budget reconciliation bill and Democrats can do it alone. “The leader repeated to Secretary Yellen what he has […]
House Democrats' tax proposal plans to increase taxes on corporations and wealthy Americans. The plan is expected be challenged by Republicans and more moderate Democrats. CBS News reporter Sarah Ewall-Wice joins CBSN's "Red & Blue" host Elaine Quijano to discuss.
US Budget Deficit Hits $2.7 Trillion With One Month Left In Fiscal 2021
Another month, another $171 billion spent by the US government which it doesn't have.
At 2pm, the Treasury released its latest Monthly Treasury Statement which showed that in August, the US budget deficit was a relatively tame - by recent standards - $170.6 billion, which was slightly better than the $173 billion consensus estimate, and a decline compared to the $200.1 billion a year ago.
The deficit was the result of a 3.7% increase in spending to $439 billion from $423.2 billion a year ago...
... offset [...]
Senate Majority Leader Mitch McConnell (R-Ky.) on Tuesday introduced a bill that combines the $2,000 direct payments requested by President Donald Trump with other issues the president backs, including repealing a law that shields big tech companies and a review of voter fraud allegations. News of the new bill came after McConnell earlier blocked a request […]
Millions of people will lose federal unemployment benefits on Saturday as a result of the standoff between Congress and President Trump over the COVID-19 relief measure passed by the House and Senate this week.Twel...
Sen. Josh Hawley (R-Mo.) is warning that he could prevent the passage of a stopgap bill to keep the government funded.