The US government ended up losing $10.5 billion on the General Motors bailout, but it says the alternative would have been far worse.» Read More
WASHINGTON _ President Barack Obama meets with college presidents and business leaders to discuss college costs. WASHINGTON _ Health and Human Services Secretary Kathleen Sebelius testifies before the House Energy and Commerce Committee about the health care law.
CNBC's Seema Mody reports Treasury Secretary Jack Lew is saying it's time to get rid of the sequester, but replace it with other spending cuts. CNBC contributor Keith Boykin, and Noelle Nikpour, author of "Branding America," weigh in.
Leaders from both parties insist a new government shutdown must be avoided although a plan to dodge it is still elusive and Sen. Ted Cruz is urging a repeat.
TOKYO, Oct 16- The dollar rose against the yen in early Asian trade on Wednesday, after a U.S. Senate source said a deal to extend the U.S. debt limit could be reached within hours. The Senate deal would fund the U.S. government through Jan. 15 and create a deficit-reduction panel, a source told Reuters.
Republicans were prepared to offer a deal featuring both an increase in the debt limit and an end to the government shutdown in return for spending cuts.
U.S. government finance leaders told G20 members they would resolve the U.S. debt impasse by Oct. 17, Russian Finance Minister Anton Siluanov said.
Fully 63% of Americans call failure to raise the nation's debt limit "a real and serious problem," while just 15% said it would not be.
Speaker Boehner said that the GOP would offer a temporary increase in the debt ceiling in return for discussions with Obama on the budget and deficit.
Treasury Secretary Jack Lew warned Congress on Thursday that a failure to raise the debt ceiling in a timely fashion would imperil the global economy.
Wall Street thinks President Obama and Republicans will reach a deal to increase the debt ceiling before next week's deadline, Jim Chanos told CNBC.
Investors are wary of the U.S.'s ability to pay its debt on time, shifting the market for Treasury bills and potentially having long-term effects.
Four structural factors helped push the U.S. into this government shutdown, and now facing potential default.
CHICAGO, Oct 8- President Barack Obama warned last week that Social Security benefits might not go out "on time" if Congress does not raise the debt ceiling. The answer is yes- but only if the Obama administration insists on making Social Security a pawn in the debt ceiling battle.
The more Wall Street is convinced that Washington will act rationally and raise the debt ceiling, the less pressure there will be on lawmakers.
The White House signaled it would accept even a brief extension in borrowing authority to prevent an unprecedented default.
John A. Boehner said the House would not vote to reopen the government without compromises on the health law.
If Congress fails to raise the debt ceiling, the Treasury Secretary will have to figure out how to make due with a third less in government funds.
The Treasury is warning that the economy could plunge into a downturn worse than the Great Recession if the country defaults on its debt obligations.
The prospect of Congress failing to raise the nation’s debt limit has economists and investors exploring options the White House might have.
CEOs from major banks met with President Obama on Wednesday and warned of the consequences if lawmakers fail to raise the US debt ceiling.