News
Politico | Budget battle escalates
In a closed-party meeting Tuesday morning, the House GOP leadership announced a plan to reopen the government until Jan. 15 and lift the debt ceiling until Feb. 7. The legislation would also delay Obamacare’s tax on medical devices for two years; cancel health-insurance subsidies for members of Congress, the president, vice president and the cabinet; and beef up income verification requirements for Affordable Care Act subsidies.
CNN Money | Debt ceiling crisis could leave millions in lurch
Social Security recipients. Doctors who treat Medicare patients. Military pensioners. Companies with federal contracts. Government workers. Bond investors.
Econ Comments & Analysis
Fortune | Just how ugly would a default be for the dollar? Very.
In a long-awaited breakthrough, Congress is inching closer to a deal that would increase the nation's borrowing limit and end a two-week-old government shutdown. The U.S. may just barely miss a default days before the U.S. Treasury exhausts its ability to borrow, but the sigh of relief could be short lived.
Politico | A subtle solution to debt dilemma
Republicans and Democrats are deeply entrenched at the moment, as the country slides toward default. The two parties stand opposed on principle. But the real problem at this point is pride. The leaders and parties involved have internalized this situation as winning or losing. Ordinary Americans are the real losers of this debacle.
CRS | The Debt Limit: History and Recent Increases
Total federal debt can increase in two ways. First, debt increases when the government sells debt to the public to finance budget deficits and acquire the financial resources needed to meet its obligations. This increases debt held by the public.
