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☆ Debt Ceiling Live Updates: House Prepares for Vote on Debt Limit Deal
▼ + stars: | 2023-05-31 | by ( Catie Edmondson | ) www.nytimes.com time to read: +4 min

Which raises a lot of questions, including what the debt limit actually is and why the United States has one. Here’s everything you need to know about the debt limit. What is the debt limit? Why does the United States have a debt limit? While the debt limit was created to make government run more smoothly, many policymakers believe that it has become more trouble than it’s worth.

Persons: Biden, Kevin McCarthy, Janet L, Yellen, Ms Organizations: Congress, United, Treasury Department, Treasury, Liberty Bond Act, Wall Street, Social Security Locations: United States

☆ DeSantis, Wading Into Debt-Ceiling Fight, Puts Pressure on Trump
▼ + stars: | 2023-05-30 | by ( Jonathan Weisman | ) www.nytimes.com time to read: +1 min

Ron DeSantis of Florida to oppose the debt-ceiling agreement struck by Speaker Kevin McCarthy and President Biden injected presidential politics into the fraught effort to raise the government’s borrowing limit, further dividing the Republican Party and pressuring other White House hopefuls to join the fight. Treasury Secretary Janet L. Yellen has predicted that the “extraordinary measures” she has used to pay the government’s obligations will be depleted by June 5. Mr. DeSantis’s broadside comes as Mr. McCarthy is trying to round up Republican votes to approve the deal this week. The first test will be Tuesday, when the House committee that sets the parameters and instructions for floor debate is set to report out the rule for the debt deal. The deal sets aside the statutory borrowing limit for two years, ensuring the issue will not re-emerge before the next presidential election, while imposing some caps on spending and some additional work requirements for food stamp recipients.

☆ Initial Takeaways From the Spending and Debt Ceiling Deal
▼ + stars: | 2023-05-28 | by ( Peter Baker | ) www.nytimes.com time to read: +1 min

President Biden and Speaker Kevin McCarthy reached an agreement on Saturday to raise the debt ceiling while imposing new restraints on federal spending. If approved by Congress, it will end a partisan deadlock and avert a potentially devastating national default. The deal will not only resolve the high-octane dispute over debt and spending issues that has gripped Washington for weeks but also enact important changes in environmental permitting, work requirements for social safety-net programs, and Internal Revenue Service tax enforcement. The debt ceiling would be increased until 2025, after the next election. The federal government reached the $31.4 trillion debt ceiling set by law in January, but the Treasury Department has been using various accounting tricks to avoid breaching it.

☆ Yellen’s Debt Limit Warnings Went Unheeded, Leaving Her to Face Fallout
▼ + stars: | 2023-05-27 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

In the days after November’s midterm elections, Treasury Secretary Janet L. Yellen was feeling upbeat about the fact that Democrats had performed better than expected and maintained control of the Senate. But as she traveled to the Group of 20 leaders summit in Indonesia that month, she said Republicans taking control of the House posed a new threat to the U.S. economy. “I always worry about the debt ceiling,” Ms. Yellen told The New York Times in an interview on her flight from New Delhi to Bali, Indonesia, in which she urged Democrats to use their remaining time in control of Washington to lift the debt limit beyond the 2024 elections. “Any way that Congress can find to get it done, I’m all for.”Democrats did not heed Ms. Yellen’s advice. Instead, the United States has spent most of this year inching toward the brink of default as Republicans refused to raise or suspend the nation’s $31.4 trillion borrowing limit without capping spending and rolling back parts of President Biden’s agenda.

☆ Behind the Scenes: Midnight Calls and Marathon Meetings, Night After Night
▼ + stars: | 2023-05-26 | by ( Katie Rogers | Luke Broadwater | ) www.nytimes.com time to read: +1 min

On Capitol Hill, the delicate talks to avert default on the government’s debts this week took place over middle-of-the-night video calls, marathon meetings in an opulent conference room, and at least one early morning bike ride. At the White House, evening tour groups were diverted from the West Wing because President Biden was in the Oval Office with his chief of staff and other advisers, who needed his quick feedback. But all of the talking has so far failed to produce a deal to raise the country’s debt limit, raising fears of a potentially catastrophic default that could upend financial markets, spike interest rates and end in a downgrade of the nation’s credit. The negotiators got a bit of breathing room on Friday afternoon, when Treasury Secretary Janet L. Yellen said the United States could run out of money to pay its bills on time by June 5 — a slight extension from the previous forecast of as early as June 1.

☆ Treasury Expects to Run Out of Cash by June 5
▼ + stars: | 2023-05-26 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

The letter provided the most precise date yet for when the United States is expected to run out of cash. Ms. Yellen’s letter comes as the White House and House Republicans have been racing to reach a deal that would lift the nation’s $31.4 trillion borrowing cap and prevent the United States from defaulting on its debt. The Treasury Department hit its statutory debt limit on Jan. 19 and has been employing accounting maneuvers — known as “extraordinary measures” — to ensure the United States can continue paying its bills on time. On Friday evening, President Biden expressed hope that an agreement could soon be clinched. I’m very optimistic,” Mr. Biden said as he departed the White House for Camp David, adding, “I’m hopeful we’ll know by tonight whether we are going to be able to have a deal.”

☆ The Week in Business: An Attempt to Ban TikTok
▼ + stars: | 2023-05-21 | by ( Marie Solis | ) www.nytimes.com time to read: +3 min

The legislation seeks to cut off access by targeting mobile app stores, like the Apple Store and Google Play, and prohibit them from offering TikTok in Montana. If the stores continue allowing people to download the app, the companies could face fines, as could TikTok. The ban is set to take effect on Jan. 1, but it is already facing a legal challenge. A ‘Truly Sorry’ C.E.O. Though there was no explicit mention of Mr. DeSantis in the memo announcing the decision, Mr. D’Amaro noted “changing business conditions.”Image Credit... Giulio BonaseraWhat’s Next?

☆ What the Markets Are Saying About the Risk of a Debt Default
▼ + stars: | 2023-05-19 | by ( Jeff Sommer | ) www.nytimes.com time to read: +2 min

First, the markets believe there is a real risk of a default in early June. Second, the possibility of a protracted failure of the United States to pay its bills is seen as extremely low. The markets will supply the United States government with all the money it needs, if only Congress grants the authorization to borrow it. Demand for Treasuries is robust and is likely to remain so, as long as the credit of the United States is unimpaired. But a U.S. debt default could change all of that, and another downgrading of U.S. debt, as was the case in 2011 when the United States came close to default, could increase U.S. borrowing costs.

☆ Biden Says He Is Confident America Will Not Default on Its Debts
▼ + stars: | 2023-05-17 | by ( Zolan Kanno-Youngs | ) www.nytimes.com time to read: +1 min

Mr. Biden decided to cut the trip to Asia short to be back for what he called “final negotiations” over the ceiling, the statutory cap on how much the government can borrow to finance its obligations. He is scheduled to return to Washington on Sunday, skipping planned visits to Papua New Guinea and Australia. Mr. Biden echoed the optimism offered by both Democratic and Republican leaders after Tuesday’s meeting. “We narrowed the group to meet and hammer out our differences,” Mr. Biden said, adding that the negotiating teams met on Tuesday night and will meet again on Wednesday. The government reached the $31.4 trillion debt limit on Jan. 19, and the Treasury Department has been using a series of accounting maneuvers to keep paying its bills.

☆ Live Updates: Biden, Congressional Leaders to Meet on Debt Limit
▼ + stars: | 2023-05-16 | by ( Zolan Kanno-Youngs | Catie Edmondson | ) www.nytimes.com time to read: +7 min

President Biden and his allies said the White House and congressional teams had productive talks in recent days. The government reached the $31.4 trillion debt limit on Jan. 19, and the Treasury Department has been using accounting maneuvers to keep paying its bills. The president is scheduled to depart for Japan on Wednesday to attend the Group of 7 meeting, heightening the sense of urgency to make progress on the debt limit. While Mr. McCarthy played down progress, Mr. Biden and his allies said the White House and congressional teams had productive talks in recent days. “SNAP already has work requirements,” said Senator John Fetterman, Democrat of Pennsylvania, referring to the Supplemental Nutrition Assistance Program.

☆ Yellen Reiterates That the U.S. Could Run Out of Cash by June 1
▼ + stars: | 2023-05-15 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

Treasury Secretary Janet L. Yellen reiterated on Monday that the United States could run out of money to pay its bills by June 1 if Congress does not raise or suspend the debt limit, adding to the pressure on President Biden and congressional leaders as they race to reach an agreement to avert a default. The projection comes a day before Mr. Biden is scheduled to meet with Speaker Kevin McCarthy and other top lawmakers at the White House after a weekend of staff-level negotiations. The Treasury Department previously warned that the so-called X-date could come as soon as June 1, at which point the federal government could face the possibility that it would default on its debt. In a letter to lawmakers, Ms. Yellen cautioned that the actual date that the federal government could run out of cash “could be a number of days or weeks later than these estimates.” She urged Congress to act quickly to prevent a default. “We have learned from past debt limit impasses that waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States,” Ms. Yellen said.

☆ The Debt Ceiling Dispute Raises the Risks for ‘Risk-Free’ U.S. Bonds
▼ + stars: | 2023-05-12 | by ( Jeff Sommer | ) www.nytimes.com time to read: +2 min

The ImpassePresident Biden has begun discussing the debt ceiling with Speaker Kevin McCarthy and other congressional leaders without making much progress. As things stand, the Treasury says it will exhaust its trove of “extraordinary measures” and bump into the debt ceiling sometime in June. But if there is no resolution of the debt ceiling dispute until the last minute, a sharp decline in the stock market would not be surprising. But now, one-month Treasury bills due in June are being seen in the markets as potential trouble spots. In two or three months, the logic goes, the debt ceiling crisis will be behind us.

Which raises a lot of questions, including what is the debt limit and why does the United States have one? Here’s everything you need to know about the debt limit. What is the debt limit? Why does the United States have a debt limit? While the debt limit was created to make government run more smoothly, many policymakers believe that it has become more trouble than it’s worth.

☆ How Wall Street Is Preparing for a Debt Ceiling Showdown
▼ + stars: | 2023-05-09 | by ( Joe Rennison | ) www.nytimes.com time to read: +1 min

If the federal government defaults on its debt, the effects could be disastrous, threatening to undermine the role of the United States at the heart of global finance and tip its economy into recession. The precise day when the government would run out of cash, known as the X-date, is unknown, which also complicates trading decisions for investors. It could come as soon as June 1, according to recent comments from Treasury Secretary Janet L. Yellen. “What you are seeing is a consensus view that we will not cross through the X-date,” said Ralph Axel, an interest rate strategist at Bank of America. “At the moment that remains a low probability event that is hard to price.”

☆ ‘There Are No Good Options’: The U.S. Is Running Out of Money
▼ + stars: | 2023-05-09 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

“The coming weeks are critical for assessing the strength of government cash flows,” said Shai Akabas, the director of economic policy at the Bipartisan Policy Center. The sluggish pace is due in part to a decision by the Internal Revenue Service to give taxpayers in states that were affected by severe weather more time to file their 2022 taxes. Treasury Secretary Janet L. Yellen said on Monday that if the debt limit was not raised, then Mr. Biden would have to decide how to proceed. “I would say that if Congress doesn’t raise the debt ceiling, the president will have to make some decisions about what to do with the resources that we do have,” Ms. Yellen said on CNBC. “And there are a variety of different options, but there are no good options.”

☆ We Hit the Debt Limit. What Happens Now?
▼ + stars: | 2023-05-08 | by ( Jeanna Smialek | Ashley Wu | ) www.nytimes.com time to read: +12 min

Pass a timely deal Fail to reach an agreement Raise the debt limit Default on debt Congress can ... The debt limit was raised this way three times during the Trump administration and dozens of times during past presidencies. But House Republicans have made clear that they want stipulations in the form of spending cuts attached to this next debt limit increase. Pass a timely deal Fail to reach an agreement Potential market volatility Temporary suspension Delay the debate Raise the debt limit Default on debt Congress can ... DefaultRaise the debt limit Default on debt Potential loss of trust in U.S. bonds Default on debt Potential loss of trust in U.S. bonds Raise the debt limitMany on Wall Street think that the worst-case scenario would play out if the government missed an interest payment, leaving it in default on its debt.

[1/2] Royal fans wait on the Mall outside Buckingham Palace ahead of the coronation of Britain's King Charles and Camilla, Queen Consort, in London, Britain, May 5, 2023. REUTERS/Maja SmiejkowskaLONDON, May 5 (Reuters) - Heavy bursts of rain could dampen King Charles' coronation celebrations in London on Saturday, according to Britain's Met Office forecaster. Charles is due to leave Buckingham Palace and travel along a mile-long ceremonial procession through the capital before the coronation ceremony at 1000 GMT. If it does rain on his parade, Charles will not be alone: the last two monarchs endured wet weather on their big day according to Met Office data. The coronation of Queen Elizabeth in June 1953 saw "light rain throughout the day" while 8.2 millimetres (0.32 inches) of rain fell during George VI's 1937 crowning.

☆ Asked About Age, Biden Says He Knows ‘More Than the Vast Majority of People’
▼ + stars: | 2023-05-05 | by ( Katie Rogers | ) www.nytimes.com time to read: +2 min

Compared with his predecessors, Mr. Biden has given far fewer news conferences and rarely sits for interviews with journalists, instead opting for friendly celebrity interviews or softball social-media videos. His interview with Ms. Ruhle, who hosts a show on a network that leans sympathetic to Mr. Biden and Democratic causes, was broadcast at 10 p.m. on a Friday. But Mr. Biden has repeatedly said that he will not negotiate over the debt ceiling, pointing out that it was raised several times under former President Donald J. Trump without issue. “This is not your father’s Republican Party,” Mr. Biden said, repeating claims he has made before about extremists within the G.O.P. Where can we cut?”Mr. Biden is supposed to meet with Republican and Democratic leaders at the White House next week to discuss a path forward.

☆ Factbox: King Charles' coronation schedule
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +2 min

[1/2] Britain's King Charles meets well-wishers during a walkabout on the Mall outside Buckingham Palace ahead of his and Camilla, Queen Consort's coronation, in London, Britain, May 5, 2023. 0935-0945 GMT: Members of the British royal family arrive. 1100 GMT: Charles will be crowned by the Archbishop of Canterbury Justin Welby. 1200 GMT: The Coronation Procession from Westminster Abbey to Buckingham Palace begins, with Charles and Camilla travelling in the Gold State Coach. 1245 GMT: The Coronation Procession reaches Buckingham Palace.

☆ Opera singer Yende 'too excited to be nervous' at king's coronation
▼ + stars: | 2023-05-05 | by ( Matteo Witt | ) www.reuters.com time to read: +2 min

"It's an incredible time of my life as a young girl, as a South African, as an artist, only joy floods my heart." "This was my audition I guess," said Yende, recalling the evening at Windsor during a backstage interview at the opera house. Yende grew up singing gospel music in church in her hometown of Piet Retief in eastern South Africa. At the coronation, Yende will perform "Sacred Fire", a piece written by composer Sarah Class for the occasion. "Whether you're a king, a princess or just a girl from the tip of Africa singing for the coronation of the king."

☆ World leaders gather in London for King Charles' coronation
▼ + stars: | 2023-05-05 | by ( Michael Holden | ) www.reuters.com time to read: +4 min

Summary King Charles to host reception for world leadersRoyal fans gather on The Mall for coronationAcross Britain, preparations underwayPolls show many apathetic, question cost of lavish eventLONDON, May 5 (Reuters) - King Charles will hold a reception on Friday for world leaders gathered in London for his coronation this weekend, the biggest ceremonial event to be staged in Britain for 70 years. She will be among the world leaders attending the reception at Buckingham Palace on Friday evening which the king and queen will host along with other senior members of the royal family. The leaders of Australia and New Zealand will pledge their allegiance to King Charles at his coronation on Saturday even though both are life-long republicans who do not shy away from making their positions clear. The St Edward's Crown, which weighs about 2.2 kg (4 lb 12 ounces) and dates back to 1661 and the reign of his namesake King Charles II, will be placed on his head during the ceremony. Buckingham Palace said it expected it would provide an economic lift for Britain's struggling economy.

☆ Factbox: The crowns, jewels, swords and spoon used at King Charles' coronation
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +5 min

LONDON, May 5 (Reuters) - The ceremony for King Charles' coronation at Westminster Abbey in London on Saturday will involve historic regalia ranging from sceptres and maces to a ring and a spoon. It replaced an original crown believed to date back to the 11th century Anglo-Saxon king of England, Edward the Confessor. SOVEREIGN'S SCEPTRE WITH DOVEThis is the second sceptre used in the ceremony, representing the sovereign's spiritual role. It was used to anoint King James 1 in 1603 and has featured at every coronation since. They date back to 1661 and have been used at every coronation from King Charles II’s until King George VI’s in 1937, with new armills specially prepared for Queen Elizabeth in 1953.

☆ No other country could do it, PM Sunak says of King Charles' coronation
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

LONDON, May 5 (Reuters) - British Prime Minister Rishi Sunak hailed the coronation of King Charles on Saturday as a show of the nation's history and a demonstration of its modern character, saying no other country could muster such a "dazzling display". Charles, and his wife Camilla, will be crowned at London's Westminster Abbey in a show of pomp and pageantry with origins dating back some 1,000 years. "No other country could put on such a dazzling display - the processions, the pageantry, the ceremonies, and street parties," he said in a statement. A vivid demonstration of the modern character of our country. And let's make new memories, so we can tell our grandchildren of the day we came together to sing: God Save The King."

☆ The Debt Limit Standoff is a New Economic Headwind for the Fed
▼ + stars: | 2023-05-03 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

The Federal Reserve’s decision about whether to continue raising interest rates comes at a fraught economic moment for the United States, with President Biden and Republicans in Congress locked in a standoff over how to raise the nation’s debt limit. High inflation and instability in the banking system continue to weigh on the United States economy, but a more pressing concern is the prospect of a default. Analysts and economists have increasingly warned that a default could send financial markets plunging and tip the United States, and perhaps the global economy, into a recession. A Treasury official pointed to the debt limit as a top risk facing the economy, saying that failure to raise the borrowing cap would cause a financial crisis of “historic proportion” and a sharp economic contraction that would leave millions of Americans facing unemployment. It would also probably trigger a spike in borrowing costs and prevent Social Security and Medicare beneficiaries from receiving their benefits.

☆ Is the Debt Limit Constitutional? Biden Aides Are Debating It.
▼ + stars: | 2023-05-02 | by ( Jim Tankersley | ) www.nytimes.com time to read: +1 min

Top economic and legal officials at the White House, the Treasury Department and the Justice Department have made that theory a subject of intense and unresolved debate in recent months, according to several people familiar with the discussions. It is unclear whether President Biden would support such a move, which would have serious ramifications for the economy and almost undoubtedly elicit legal challenges from Republicans. Mr. Biden is set to meet with Speaker Kevin McCarthy of California at the White House on May 9 to discuss fiscal policy, along with other top congressional leaders from both parties. But it remains unclear what type of compromise may be reached in time to avoid a default. House Republicans have refused to raise or suspend the debt ceiling unless Mr. Biden accepts spending cuts, fossil fuel supports and a repeal of Democratic climate policies, contained in a bill that narrowly cleared the chamber last week.

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