Obama also used the speech to lampoon Congress, saying it should "stop being mad all the time. Stop just hating all the time."» Read More
Republican Arizona Sen. John McCain said it was a mistake to link the debt fight to repealing Obamacare and pushed for the government to open again.
The former Texas congressman and presidential candidate says his worry is a breakdown of the entire system.
Despite continued dire warnings, money managers aren't trimming their portfolios--and some are even increasing exposure.
With the federal government pushing toward a budget default, big business groups are worried they have lost sway over the GOP majority in the House.
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.
Facing a looming federal default, the House GOP leadership will meet with President Obama at the White House on Thursday in a bid to resolve the budget deadlock.
The one-month U.S. Treasury bill yield spiked amid mounting concerns that the U.S. may not fulfill its payment obligations to short-term bond holders.
House Speaker John Boehner says he is willing to negotiate budget issues with President Barack Obama without any conditions.
Gold settled higher as a lack of progress among lawmakers to resolve a govt shutdown and raise the debt ceiling bolstered bullion's safe-haven appeal.
The White House signaled it would accept even a brief extension in borrowing authority to prevent an unprecedented default.
The biggest news this week revolves around the debt ceiling, deficits and defaults.
President Barack Obama says he doesn't expect Congress to breach the deadline to increase the nation's borrowing limit.
If the US were to default, retailers would "see it immediately because the consumer stops spending that day," Macy's CEO Terry Lundgren said.
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 stalemate over U.S. budget talks has foiled U.S. President Barack Obama's plans to travel to Asia this weekend.
Speaker Boehner's spokesperson reacted to a NYT article by saying 'Speaker Boehner has always said that the United States will not default on its debt.'
European leaders have garnered thinly veiled—and sometimes overt—criticism from across the Atlantic for how they've navigated their domestic crises.
Forget the shutdown, Wharton School professor Jeremy Siegel said Tuesday, because markets are more concerned about the debt ceiling.
"The idea of putting the American people's hard-earned progress at risk is the height of irresponsibility and doesn't have to happen," Obama said.
Obama said allowing a shutdown would be the "height of irresponsibility" and that Congress can't shut down his health-care law.
CNBC's Kate Kelly reports Argentine debt talks are currently taking place in New York City in hopes of striking a deal to avert a state of default.
Argentina is almost certainly headed for a technical default of its bond-payment obligations at 12:01 Thursday morning.
CNBC's Rick Santelli discusses the latest action in the bond market, and the U.S. dollar.
A second-quarter economic rebound did nothing to change the Fed, which stayed the course Wednesday with ultra-easy monetary policy.
Obama also used the speech to lampoon Congress, saying it should "stop being mad all the time. Stop just hating all the time."
Former Minnesota Gov. Jesse Ventura won $1.8 million in his two-year fight to prove he was defamed by a military sniper and best-selling author.