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Tag Archives: debt ceiling

Chuck Hagel to Military: Prepare for More Cuts

Defense Secretary Chuck Hagel made his first major policy speech since taking the job and said the military should prepare for more budget cuts, Reuters reports. The Defense Department is cutting $41 billion from its budget for the rest of this 2013 fiscal year and is facing a potential $500 …

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Obama Signs Debt Ceiling Extension Bill

President Barack Obama signed legislation Monday to suspend the federal debt ceiling and avoid default at least until August, The Hill newspaper reports. Justin Sink writes the government will borrow nearly $450 billion for interest payments and to distribute salaries and benefits such as Social Security. The bill also includes …

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House OKs 4-Month Debt Ceiling Deal

The House voted Wednesday to approve the increase of the federal debt ceiling in an attempt to avoid the previous standoff over the government’s borrowing limit in summer 2011, Reuters reports. David Lawder writes the chamber approved the measure 285-144, with 33 Republicans and 111 Democrats voting against it. According …

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Report: 3-Month Debt Ceiling Deal Could Be Considered

President Barack Obama would sign legislation to raise the debt ceiling for three months if Congress approves such a bill, White House spokesman Jay Carney said Tuesday, according to USA Today. According to David Jackson’s report, Carney said a short-term deal would bring down the sense of conflict between the …

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Timothy Geithner: Treasury Hit Debt Ceiling Before New Year’s

The U.S. Treasury hit the debt ceiling Dec. 31, 2012 and is running out of avenues to avoid a default, Treasury Secretary Timothy Geithner has told Congress in a letter. According to The Hill newspaper, Geithner told Capitol Hill leaders the country could default by mid-February unless Congress raises the …

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Timothy Geithner says Federal Gov to Hit Debt Ceiling on Dec. 31

Timothy Geithner has written a letter to Congress saying the federal government will hit the debt ceiling on Monday, Dec. 31, according to a CNN Money article. As a result, the Treasury Department will begin using extraordinary measures to prevent government borrowing from exceeding limit set by Congress. As of  Monday, …

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Treasury: US to Reach Debt Limit Before Year Ends

The U.S. Treasury is $235 billion short of the $16.4 trillion borrowing limit and could reach that ceiling before the year ends, Reuters reports. Using emergency measures would avert a default and keep the government running through early 2013, according to Rachelle Younglai’s story. The Treasury said the government has …

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