President Obama, House Speaker John Boehner, and Democratic lawmakers struck a deal and averted a government default come August 2. The deal will cut $1 trillion in spending over 10 years, announced Obama, reported Reuters.
Lawmakers were close to a last-ditch $3 trillion deal on Sunday to raise the U.S. borrowing limit and assure jittery financial markets that the United States will avoid a potentially catastrophic default.
President Barack Obama told reporters Sunday that a deal has been reached to raise the federal debt ceiling and avoid the first U.S. default, the culmination of days of high-level, high-stakes political wrangling to attempt to resolve the nation's large deficits.
A deal to raise the federal debt ceiling and avoid the first ever U.S. default is "very close," but House Democratic Leader Nancy Pelosi said Sunday there is a chance they may not pass it.
The Senate failed to advance Harry Reid's debt-ceiling plan, but leaders from both sides remained optimistic Sunday a deal can be reached before the Aug. 2 deadline to raise the U.S. debt ceiling.
Senate Majority Leader Harry Reid, D-Nev., is pushing ahead with a Senate vote on his debt plan, but the GOP votes are not there. Still, Republican Majority Leader Mitch McConnell said Sunday negotiators were "very, very close" to a deal.
Senate Republican leader Mitch McConnell said Sunday negotiators were "very, very close" to a deal to raise the debt ceiling. But Democratic leaders remain cautious. The deal is not done, they say.
It was John Lennon who said there are no problems, only solutions, and on Sunday Congressional Democrats and Republicans continued to work on a bill that would avert a dreaded U.S. Government default. If the two sides continue to make progress, a vote on the bill could occur as early as Sunday night.
Congress is "very, very close" to a debt ceiling deal, according to Senator Mitch McConnell. Negotiators are discussing final details, and the deal is not done yet, but they say its close.
Even though the congressional leaders had all the time in the world to strike a deal on the issue of debt-ceiling raise, they seem to be shamelessly waiting for an 11th hour drama. Technically speaking, Aug. 2 is the end of grace period for extraordinary measures and the U.S. borrowing limit, currently at $14.29 trillion, was reached on May 16 this year. Instead of getting things done Democrats and the Republicans seem to get a kick out of the 'blamestorming game'.
After two weeks of acrimony, Democrats and Republicans, perhaps after having stared into the abyss, returned to the bargaining table Saturday. Still, no one will believe the issue has been resolved until President Barack Obama signs a bill that raises the debt ceiling and cuts the budget deficit.
Top congressional Republicans said on Saturday they were in serious talks with President Barack Obama to break a U.S. debt limit deadlock and were confident the risk of default by the world's largest economy could be avoided.
Finally, after weeks of incessant, heated rhetoric and counter-productive posturing, there's been a positive development in the debt talks. The White House and both Republican and Democratic leaders Saturday confirmed that they are now in serious talks to raise the debt ceiling and avoid a looming U.S. Government default.
Stocks are likely to face more selling pressure next week as the Tuesday deadline draws near for raising the U.S. debt ceiling and Washington remains paralyzed by political brinkmanship.
The White House said on Saturday it "strongly supports" a bill being considered in the House of Representatives that incorporates both Democratic and Republican ideas and would raise the debt limit to early 2013.
A bitter mood prevailed on Capitol Hill as lawmakers struggled on Saturday to find a compromise measure to lift the nation's $14.3 trillion debt limit three days before the deadline to avert a ruinous default.
Led by Majority Leader Harry Reid, D-Nev., Senate Democrats Saturday worked feverishly to modify Reid's original debt plan in order to attract Senate Republicans. But a GOP Senate filibuster is expected late Saturday or Sunday, which, if it holds, would leave the U.S. without a debt ceiling increase, two days before a default.
Facing a deadline to avoid a ruinous default, congressional leaders on Saturday braced for a tense weekend of negotiations to try to reach a compromise on a measure to increase in the country's $14.3 trillion debt limit.
When President George W. Bush learned that two planes had barreled into the World Trade Center buildings on Sept. 11, 2001, he was sitting in front of a group of children reading aloud. So as to not cause alarm, he remained calm and stoic. And for it, he received much flak.
?This agreement on fuel standards represents the single most important step we?ve ever taken as a nation to reduce our dependence on foreign oil,? Obama said.
Senate Democrats aimed to seize the initiative in efforts to head off a ruinous debt default by pushing their deficit-cutting plan on Saturday toward a possible compromise with a divided Republican Party.
The latest poll conducted by Pew Research Center for the People & the Press, from July 20-24 among 1,501 adults and 1,205 registered voters, shows that 41 percent of registered voters would like to see Barack Obama reelected, while 40 percent would prefer to see a generic Republican candidate.
