The chaotic and often ugly debt-ceiling talks managed to avert a potential economic catastrophe but inflicted new damage to the political reputations of most of the key players.
President Barack Obama will be celebrating his 50th birthday Wednesday night at Chicago's classy Aragon Ballroom, and he's looking for a specific type of present for the midlife milestone: campaign contributions.
Would distributing $3,000 gift cards to every American over age 16 get the U.S. economy out of its slump, and create more jobs? The tactic is unconventional, but if the economy doesn't start creating more jobs soon, Congressional leaders may have to implement the unconventional.
On Tuesday, President Barack Obama signed a bill to raise the U.S. debt ceiling, preventing the nation from defaulting for the first time in its history.
President Barack Obama suffered a defeat in the battle over raising the U.S. debt limit that may have repercussions for his efforts to restore growth to the U.S. economy and win re-election in 2012.
A homeless man was taken into Secret Service custody on Tuesday after he climbed over the White House fence.
The Senate finally voted 74-26 to raise the debt ceiling to over 2 trillion dollars this afternoon and slash federal spending by a similar amount. As soon as President Obama officially signed the bill in the White House to allow the nation to continue borrowing money while increasing citizen taxes, he told America "Everyone is going to have to chip in. It's only fair."
Ashton Carter nominated by Obama as new deputy secretary of defense.
The U.S.' debt woes still threaten the global economy despite a last-minute deal struck by the White House and political party leaders, China's main official newspaper said on Tuesday, nonetheless adding there was no short-term escape from the dominance of the dollar.
Tea Party conservatives scored their biggest political triumph with a debt-ceiling deal that cuts federal spending, but their hardline tactics could risk a voter backlash in the 2012 elections.
Establishing the contours of a massive debt deal consumed all of Congress, but filling in the $1.5 trillion details will be the responsibility of a mere dozen lawmakers.
Treasury Secretary Timothy Geithner said he is not sure whether the bitterly fought debt agreement to be considered Tuesday by the Senate will avoid a downgrade of the U.S. top-tier credit rating.
Politicians and lobbyists exhausted from a bruising and tortuous debate over a debt deal are already turning their attention to a dozen-member Congressional "super committee" that will be responsible for laying out some $1.5 trillion in cuts. Will they be able to find them?
The debt-ceiling deal hammered out by the Republicans and the Democrats in the Capitol has averted the risk of calamitous cuts in federal spending, while ensuring failure to service debt will not arise. However, analysts say some big questions remain to be answered.
The bill, which will cut federal spending by up to $2.4 trillion over 10 years, raises the debt ceiling, and now goes to the Senate, where that chamber is expected to vote on it, and pass it, by Tuesday, late afternoon. If all goes as planned, the bill will be on President Obama's desk, and his signature will avert a default.
Interest rates on most Treasury bills fell on Monday after a tentative deal among top Washington lawmakers to raise the debt ceiling soothed anxiety of a sovereign debt default.
A new study finds that adults in Washington D.C. abuse more drugs and alcohol than anywhere else in the nation.
Leaders from both, major political parties fanned-out across Capitol Hill Monday night to secure votes to pass the bipartisan debt deal bill, which would also raise the debt ceiling, and avert a U.S. Government default. The strongest opposition will occur in the House, but two-chamber passage is expected by 1 a.m. EDT Tuesday.
The White House and congressional leaders scrambled for enough support from skeptical lawmakers on Monday to push through an 11th-hour deal to raise the U.S. borrowing limit and avert a devastating debt default.
Wall Street fell for a sixth day on Monday on renewed angst about Washington's ability to reach a deal on raising the U.S. debt ceiling and following disappointing news from the manufacturing sector.
The Congressional Budget Office's (CBO) estimate that the deal deal will cut the deficit by at least $2.1 trillion may not only save the debt deal -- it may save the nation's two, major political parties.
President Barack Obama will continue to push for an extension of the payroll tax cut despite that not being part of a deficit-cutting deal reached by lawmakers, the White House said on Monday.
