Debt ceiling News

Washington - President Obama's election campaign was based on raising taxes on the rich, who he said, were not paying their fair share. His efforts were rewarded with millionaires and billionaires paying. The GOP has agreed to vote to extend the debt ceiling

New York - Paul Krugman complained that the Republican leadership is holding the country hostage on the debt-ceiling issue. He says that they are threatening to blow up the world economy, if they do not get their way in the debt-ceiling debate.

Washington - With the fiscal cliff avoided, Obama now faces other challenges soon, including the need to raise the $16.4 trillion borrowing limit. He also has to deal with the more than $100 billion in automatic spending cuts that were delayed for just two months.

Washington - An idea to solve the US debt-ceiling crisis with a trillion-dollar coin is gaining popularity: The Treasury can exploit a law that empowers it to create coins of any denomination, deposit it in the Treasury's account and hey presto! the crisis is over.

Washington - It seems United States Treasury Secretary Timothy Geithner may be gone by the end of January. A new report suggested that Geithner could leave the department even if President Barack Obama and Congress don't reach a debt deal.

In an opinion piece published in The New York Times, billionaire Warren Buffett offered his perspectives on tackling America's fiscal woes, focusing on individuals who earn more than $1 million annually.

Washington - As US politicians spent a month haggling over raising the country’s debt ceiling and financial markets around the world remain in turmoil, a new report shows the Treasury and Federal Reserve are owed $1.5 trillion from the financial industry bailout.

With the Dow Jones Industrial Average posting its biggest one-day decline since December 2008 on Thursday in lock-step with global market sell-offs, a new poll demonstrated the vast disapproval Americans have for their legislators.

Washington - Gabrielle Giffords made a triumphant return to the House floor Monday evening to cast a vote in favor of a bill that would raise the nation's debt ceiling. Her return is being hailed as historic as the bill itself, which passed by a margin of 269 to 161.

In his weekly telephone address, Republican Presidential Candidate Ron Paul contends that the debt ceiling debate is about how much to increase federal spending and not about how much federal spending to cut.