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Speaker of the House Kevin McCarthy at a news conference after the House of Representatives passed the Fiscal Responsibility Act

US debt ceiling bill passes House with broad support

A divided US House of Representatives passed a bill to suspend the $31.4 trillion debt ceiling yesterday, with majority support from both Democrats and Republicans to overcome opposition led by hardline conservatives and avoid a catastrophic default.

Business • 01 Jun 23

The US House of Representatives Rules Committee is due to consider the 99-page debt ceiling bill later today

US debt ceiling deal to face its first test in Congress

A bipartisan deal to raise the $31.4 trillion US debt ceiling faces its first test in Congress today, setting up what could be a nail-biting week of voting before the United States runs out of money to pay its bills.

Business • 30 May 23

The US debt ceiling is roughly equal to 120% of the country's annual economic output

What is the US debt ceiling?

The US is rapidly approaching the deadline for Congress to pass a deal to suspend the government's $31.4 trillion debt ceiling or risk a catastrophic default.

Business • 29 May 23

US House Speaker Kevin McCarthy and US President Joe Biden at recent debt ceiling talks

Biden, McCarthy appear near deal on US debt ceiling

US President Joe Biden and top congressional Republican Kevin McCarthy are closing in on a deal that would raise the government's $31.4 trillion debt ceiling for two years while capping spending on most items, a US official told Reuters.

Business • 26 May 23

US House Speaker Kevin McCarthy and US President Joe Biden at talks on Monday

US debt ceiling deal takes shape, little time to spare

US President Joe Biden and top Republican lawmaker Kevin McCarthy today were edging close to an agreement on the US debt ceiling, according to a person familiar with the talks, with the two sides just $70 billion apart on a deal that would involve trillions of dollars.

Business • 25 May 23

The two US political parties remain deeply divided about how to rein in the federal deficit

Time running short for US debt ceiling deal

Negotiators for Democratic President Joe Biden and top congressional Republican Kevin McCarthy were set to reconvene on Wednesday morning, seeking a deal to raise the United States' $31.4 trillion debt ceiling and avoid a catastrophic default.

Business • 24 May 23

US House Speaker Kevin McCarthy and US President Joe Biden at talks yesterday

Still no deal on US debt ceiling as meeting ends

President Joe Biden and House Speaker Kevin McCarthy could not reach an agreement yesterday on how to raise the US government's $31.4 trillion debt ceiling with just 10 days before a possible default that could sink the US economy, but vowed to keep talking.

Business • 23 May 23

A failure to lift the debt ceiling would trigger a default

US debt ceiling: Talks continue, deadline 10 days away

President Joe Biden and top congressional Republican Speaker Kevin McCarthy will meet today to discuss raising the federal government's debt ceiling, just 10 days before the United States could face an unprecedented default.

Business • 22 May 23

US Treasury Secretary Janet Yellen with Japanese Finance Minister Shunichi Suzuki (r) and Governor of the Bank of Japan Kazuo Ueda at the G7 meeting in Japan

US debt standoff overshadows G7 finance chiefs' meeting

A standoff in Washington over raising the US debt ceiling overshadowed a meeting of Group of Seven (G7) finance leaders starting today, heightening US recession fears as central banks seek a soft landing for the global economy.

Business • 11 May 23

US President Barack Obama signed key debt ceiling bill into law last night

Obama calls for budget talks following debt deal

US President Barack Obama has said that Americans are "completely fed up with Washington" a day after the latest fiscal crisis was narrowly averted.

Business • 17 Oct 13

World Bank President Jim Yong Kim has added his voice to a chorus of experts warning about the impact of the fiscal stalemate in the US

US Republicans to offer short-term debt increase

US Republicans will offer President Barack Obama a short-term increase in the federal debt limit if he agrees to negotiate with them on a broad range of fiscal issues, including funding to reopen the government.

Business • 10 Oct 13