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Speaker Nancy Pelosi: House Should Pass Deal on Government Spending, Debt Limit Before Recess

House Speaker Nancy Pelosi (D-Calif.) said she hopes the lower chamber can pass a deal to raise the debt ceiling and set spending levels by July 26, CNBC reported Wednesday. Pelosi said she expects the White House and the chamber to agree on a measure by Friday, July 19 to allow lawmakers to work on the legislative text over the weekend.

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Obama Signs 2-Year Debt Limit Suspension Bill

President Barack Obama signed a bipartisan budget deal Monday that suspends the debt limit through March 2017 and increases spending levels by $80 billion until September 2017, The Hill reported Monday. Jordan Fabian writes the signed budget plan comes a day before the Tuesday deadline to avoid a federal default …

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CBO: US Could Default on Debt After September

The Congressional Budget Office estimates the U.S. government will be at risk of defaulting on its debt sometime between October and November 2015 unless lawmakers strike a new debt-ceiling agreement. CBO said Congress passed the Temporary Debt Limit Extension Act last year to extend the U.S.’ borrowing authority through March …

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Report: Senate Close to Budget, Debt Agreement

Senate leaders have hinted the chamber is closing on a deal to end the federal shutdown and avoid a possible default later in the week, the Chicago Tribune reported Monday. Both Democratic Majority Leader Harry Reid and Republican Minority Leader Mitch McConnell expressed optimism about a bipartisan agreement after a round …

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Senate Leaders Start Budget, Debt Ceiling Talks

Senate Majority Leader Harry Reid (D-Nev.) and Senate Minority Leader Mitch McConnell (R-Ky.) started talks over the weekend over ending the government shutdown and reaching a debt ceiling deal, USA Today reported Sunday. The leadership met Saturday along with Sens. Charles Schumer (D-N.Y.) and Lamar Alexander (R-Tenn.) to negotiate a …

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Report: Fed, Treasury Start on Default Contingency Plans

The Federal Reserve System and the U.S. Treasury have started working to develop a contingency plan in case the government fails to extend the nation’s $16.7 trillion debt ceiling by Oct. 17, Reuters reported Thursday. Tim Reid and Jonathan Spicer write officials are evaluating options on how to handle the potential impact of …

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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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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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