Debt Ceiling

A new estimate finds the U.S. could face an unprecedented default on its obligations as soon as early June if Congress does not act to lift the debt limit.

Treasury will exhaust its emergency measures sometime between July and September unless Congress raises the debt ceiling, the Congressional Budget Office says.

President Joe Biden and House Speaker Kevin McCarthy, R-Calif., met at the White House to discuss a range of issues, including raising the debt ceiling.

The House speaker arrived for the afternoon session carrying no formal GOP budget proposal, but he is laden with the promises he made to far-right and other conservative Republican lawmakers during his difficult campaign to become House speaker.

House Speaker Kevin McCarthy says he’s looking forward to discussing with President Joe Biden a “reasonable and responsible way that we can lift the debt ceiling” when the two meet Wednesday at the White House.

Sue O’Connell spoke with James Pindell, a reporter for The Boston Globe, who explains what the debt ceiling is, how the fight over it is different this time and what could happen if the debt ceiling isn’t raised.

Economists say consequences of a default on the national debt could include higher interest rates, a stock market crash, a recession and massive job losses. NBC’s Alice Barr reports.

President Joe Biden announced Wednesday that his administration is on track to reduce the national deficit by $1.5 trillion in 2022, allowing the feds to pay down the national debt for the first time in six years.

Congress has approved a $2.5 trillion debt limit hike, sending legislation to avert a catastrophic default to President Joe Biden for his signature

Congressional Democrats voted to raise the debt ceiling, avoiding the risk of default with only hours to spare.

Congress is considering a new strategy to raise the debt ceiling and prevent a default on U.S. debt without Republican votes.

If Congress doesn’t act to fix the federal debt limit, there could be big ramifications for the timeliness of government payments people rely on.

Washington and Wall Street were optimistic Monday that Congress can pass a bill to fund the government and avert a partial shutdown before a Friday deadline.

With another fast-approaching default threat, there may not be enough time to pass a long-term solution, but lawmakers are highlighting ideas for the future.

A bipartisan agreement to raise the debt ceiling is the easiest way to end the crisis. But there are other solutions to breaking the stand-off.

With the debt ceiling deadline set for early December, some prominent politicians are drafting ideas to reform or end the borrowing limit.

The House of Representatives on Tuesday approved a bill to raise the U.S. debt limit, the final hurdle to averting a first-ever default.

Members of the House have approved a short-term hike to the nation’s debt limit

Social Security checks will go out on time if the debt ceiling deal is approved by Congress. But the short-term agreement only postpones the uncertainty.

The bill now goes to the House of Representatives, which is expected to green-light the bill.