The grace period between February and mid-May, when the US spent like a drunken sailor without regard for even structural limitations, and raked up over $300 billion in debt, or said otherwise when it was without an official debt limit, is over as of

In a letter to Congress, the Treasury secretary said he was initiating ‘extraordinary measures’ to restrict debt issuance and keep it under the legal limit for as long as possible

While many may not recall that the US has been without an official debt ceiling for the past three months, or even that it has a debt target ceiling, the bonus period agreed upon in January to let the nation rake up some $400 billion in addition debt

WASHINGTON (Reuters) - The Obama administration on Friday notified Congress it was prepared to take a series of steps to free up about $260 billion so it can keep paying the nation's bills once a temporary suspension in the government's debt ceiling

WASHINGTON, May 17 (Reuters) - The Obama administration on Friday notified Congress it was prepared to take extraordinary steps to allow it to keep paying the nation's bills once a temporary suspension in the government's debt ceiling lapses this wee

WASHINGTON, May 17 (Reuters) - The Obama administration on Friday notified Congress it was prepared to take extraordinary steps to allow it to keep paying the nation's bills once a temporary...

 Treasury Secretary Jack Lew has just sent the following letter to John Boehner and other leaders on the debt ceiling. The whole thing is below the dotted line. ------------------------------------------------------------------------------------

My fellow NEP blogger Joe Firestone wrote recently about House Resolution 807, the Full Faith and Credit Act, which was passed on May 9th by the US House of Representatives.The supposed purpose of the act is to prevent default on the public debt as a

Read full story for latest details.

WASHINGTON, May 15 (Reuters) - The U.S. Treasury on Wednesday announced the first of a potential series of emergency cash measures to allow the government to keep paying the nation's bills once a...

Treasury to suspend sales of local and state securities in debt-ceiling move

WASHINGTON (MarketWatch) -- The Treasury Department on Friday will suspend sales of state and local government Treasury securities until further notice, the first action to avoid hitting the U.S. debt ceiling. The debt ceiling is expected to be reach

WASHINGTON, May 15 (Reuters) - The Obama administration on Wednesday said it was taking the first in a potential series of emergency cash measures to allow the government to keep paying the nation's...

WASHINGTON, May 15 (Reuters) - The Obama administration on Wednesday said it was taking the first in a potential series of emergency cash measures to allow the government to keep paying the nation's bills once a temporary suspension of the debt ceili

The improving short-term picture offers breathing space to address the long-term crunch. Congress should take the debt-ceiling battle off the agenda

MADRID (MarketWatch) -- U.S. Treasury Secretary Jack Lew said in an interview on Friday that the debt ceiling will not be hit until September, though Congress shouldn't relax based on that. "The debt limit will be reached in just a few days when it e

Treasury Sec. Jack Lew says U.S. won't hit debt ceiling until Labor Day: CNBC

The U.S. hits its limit soon, and business groups say they don't want a repeat of the brinkmanship that led to a federal credit downgrade in 2011.WASHINGTON — In a little more than a week, the U.S. will hit its debt limit — and the maneuv

Republicans in the House of Representatives passed a debt prioritization bill on Thursday that one leading Democrat called one of the worst ideas that has ever been brought for consideration in the House. The bill, which passed the House by a 221-207

The US economy can survive another bout of debt ceiling drama. But it is time to take the politics out of sovereign borrowing limit

U.S. taxpayers will soon reap a nearly $67 billion benefit from the recovering housing market, which will help to shrink deficits and delay the need to raise the country's debt ceiling.

With the 221-to-207 vote, the House dug in for another debt ceiling standoff.    

Defying a White House veto threat, the House passed legislation that would allow the Treasury to borrow money to pay U.S. bondholders if the U.S. hits its debt ceiling.

WASHINGTON (MarketWatch) -- The House of Representatives on Thursday passed legislation that would allow the Treasury to borrow money to pay U.S. bondholders if the U.S. hits its debt ceiling. The White House has issued a veto threat against the bill

Democrats are seizing on an admission from House Speaker John Boehner that a Republican-led bill to prioritize debt payments would pay China before U.S. troops.  During an interview with Bloomberg TV on Tuesday, Boehner was asked about the Full

WASHINGTON -- House Speaker John Boehner (R-Ohio) on Tuesday essentially agreed with Democrats' arguments that a Republican bill to prioritize debt payments would put China...

Fannie Mae's earnings report could give the U.S. an assist as it nears the debt-ceiling limit this summer. But that will only underscore the perversity of keeping its assets off the books of Uncle Sam.

More lenient approach comes as lawmakers from both main parties position themselves ahead of looming stand-off over need to raise America’s debt ceiling

It’s never been easy for House Republicans to raise the debt limit....

LONDON, May 03 (Fitch) Fitch Ratings has affirmed Finland's Long-term foreign and local currency Issuer Default Ratings (IDRs) as well as its senior debt at 'AAA'. Fitch has also simultaneously affirmed Finland's Country Ceiling at 'AAA' and the Shor

House Republicans are preparing to move to a new strategy around raising the nation's debt ceiling, a plan that is already rankling some of the chamber's most hardline conservatives. As the Washington Post reported and House GOP aides confirmed,

* Smaller budget gap could delay debt ceiling fight-analysts

In 2010 it was the "Flash Crash" that sent markets spiraling down 17%.In 2011 it was the debt ceiling debacle and the corporate fraud of MF Global that sent markets down over 20%.

If you enjoy the spectacle of lawmakers fruitlessly fighting over the budget, then you're in luck. Congress is expected to have even more time to chase its tail this summer before it must do something concrete -- raise the country's legal debt limit.

WASHINGTON, April 24 (Reuters) - A key committee of the U.S. House of Representatives approved a measure on Wednesday designed to make it easier for Republicans to again withhold approval of a rise...

WASHINGTON, April 24 (Reuters) - A key committee of the U.S. House of Representatives approved a measure on Wednesday designed to make it easier for Republicans to again withhold approval of a rise in the government debt ceiling to extract spending c

WASHINGTON -- House Republicans are preparing for another showdown over the debt ceiling this summer. The House Ways and Means Committee passed a bill Wednesday...

(Kitco News) - Silver prices could return to above $30 an ounce yet in 2013 if catalysts should occur to reignite fund demand, such as a weaker U.S. economy or if cantankerous U.S. budget and debt-ceiling talks prompt another downgrade of the co

Those who have been following the US debt to GDP ratio now that the US officially does not have a debt ceiling indefinitely, may have had the occasional panic attack seeing how this country's leverage ratio is rapidly approaching that of a Troika cas

The January budget deal to avoid the "fiscal cliff" has delayed refunds and boosted tax collections, helping to narrow the budget deficit and possibly giving lawmakers more time to craft an agreement on the debt ceiling.

WASHINGTON (MarketWatch) - Treasury Secretary Jack Lew said Thursday the administration would oppose legislation proposed by conservative House Republicans to prioritize payments in case Congress fails to raise the debt ceiling this summer. The Repub

House Republican leaders are preparing a bill that would seek to prioritize Treasury payments in the event the debt ceiling is breached, revisiting a conservative idea that has been rejected by Democrats.

The U.S. Senate on Saturday narrowly passed its first federal budget in four years, a move that will usher in a relative lull in Washington's fiscal wars until an anticipated summer showdown over raising the debt ceiling.

There is no clear path to an agreement on lifting the debt ceiling between congressional Republicans and the White House and its Democratic allies

WASHINGTON -- House Speaker John Boehner (R-Ohio) laid down a tough requirement for raising the debt ceiling Thursday, all but ensuring a reprise of the...

Republican leaders may have placated their conservative members long enough to have prevented a catastrophic credit default this winter. But it’s far from clear they’ll be able to repeat that feat when the country’s borrowing author

The "No Budget, No Pay" provision that GOP leaders insisted be part of a debt ceiling suspension could backfire on House Republicans, according to crucial new information from POLITICO's Ben White. The move was largely interpreted as a way to force S

Lawmakers now see a small opportunity to forge a deficit-reduction deal before a likely fight over the debt ceiling this summer.

Congress could well debate the debt ceiling, tax reform and other important economic issues until the cows come home, but one thing's for sure: If...