A group of conservative Republicans in the U.S. House has come out against a debt limit plan proposed by the party's leader, Speaker John Boehner. They include an outspoken freshman from Illinois, Rep. Joe Walsh.
The weekend brought a little relief temperature-wise but in Washington, a different pressure system remained in place: The debt ceiling has not budged. The U.S. Treasury Department warned of a possible federal default if Congress fails to reach agreement by Aug.
To allow for more flexible funding of World War I, the U.S. government enacted its first debt ceiling in 1917. Economist James Galbraith takes us through the history of the normally uncontroversial procedure. Galbraith is a professor of government at the University of Texas at Austin.
Debates over raising the debt ceiling continue in Washington today. The House of Representatives is scheduled to vote on the Republican-backed "Cut, Cap and Balance Act" Tuesday evening, which allows for the debt ceiling to be raised to $2.4 trillion, but would require spending cuts and a new b
Illinois Congresswoman Jan Schakowsky lashed out at her Republican colleague Joe Walsh today for accusing President Obama of lying about the debt ceiling.Walsh released a video yesterday accusing the White House of using scare tactics in the debate about raising the national debt limit."
President Obama and congressional leaders met Tuesday in hopes of reaching a bipartisan agreement on the debt limit. This marks the group’s third meeting in as many days; there’s been little movement along party lines.