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.
Senate Majority Leader Harry Reid has "signed-off" on a debt-raising deal that could be voted on as early as tonight, although the Senate's Republican leadership indicates a deal has not been reached yet as the U.S. attempts to avoid the first-ever default on debt by the U.S. government.
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.
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.
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.
The Speaker struggles to hold his party together.
The debt deal saga is becoming a defining moment for House Speaker John Boehner, R-Ohio.
Republican leaders will scramble to rescue their budget deficit-cutting plan on Friday after conservatives mounted a rebellion that heaped uncertainty on efforts to avert a catastrophic debt default.
Urgent efforts to avoid an unprecedented U.S. debt default suffered a new blow on Thursday when some fiscally hardline Republicans blocked a budget deficit plan proposed by their own congressional leaders.
House Speaker John Boehner has postponed a vote on a debt ceiling increase late Thursday.
Republicans in the House of Representatives on Thursday delayed a vote a short-term bill to raise the nation's debt limit by $900 billion, Democratic sources said.
House of Representatives Speaker John Boehner, the top Republican in Congress who has put forward a deficit reduction plan to be voted on later Thursday, said he had no control over whether his bill would avert a credit downgrade.
Here is what to expect on Thursday as lawmakers try to close in on a deal for Congress to raise the government's $14.3 trillion borrowing limit by an August 2 deadline and avoid a debt default:
Democratic Rep. David Wu of Oregon announced on Tuesday that he would be resigning from Congress, following allegations of sex encounter with a teenage girl.
Oregon Democratic Congressman David Wu, accused of an unwanted sexual encounter with a campaign donor's teenage daughter, said on Tuesday he will resign his seat to defend himself against "these very serious allegations."
U.S. Rep. David Wu, D-Ore, will resign following allegations that he had a forced sexual encounter with an 18-year-old woman.
Oregon Democratic Congressman David Wu, accused of an unwanted sexual encounter with the teenage daughter of a campaign contributor, has decided not to run for reelection next year, a spokesman said on Monday.
House of Representatives Democratic leader Nancy Pelosi said she will seek an ethics investigation Monday into sexual misconduct allegations against Representative David Wu.
U.S. Rep. David Wu, D-Ore., is at the forefront of another sex scandal -- and it appears that it isn't the first time he has found himself in such a quagmire.
