debt ceiling

Market commentator Jim Cramer reportedly said the mayhem in bank stocks may feel like a looming "train wreck" for Wall Street, but as long as the debt ceiling crisis is taken care of, it won't destroy the market. What Happened: "I believe we'll have more mayhem like we saw the last time this...

The week so far witnessed nervous moves as market participants maintained caution in the wake of the Federal Reserve's policy decision while concerns over the health of the banking sector also came to the fore. Investors and traders are anticipated to carry forward their caution into next week as...

The White House, in a blog, has warned that an actual breach of the debt ceiling would likely cause severe damage to the U.S. economy and that a protracted default would likely lead to millions of job losses. What Happened: The blog said, "In other words, defaulting on our government's debt could...

In a blatant attack on the president amid the ongoing debt ceiling crisis, U.S. Senator Ted Cruz said Joe Biden lacks “mental faculties” to negotiate with Republicans.  What Happened: Cruz lamented that the White House staff, specifically the “radical children,” would...

As the debt ceiling stand-off continues, Bernie Sanders slammed Republicans for holding the world economy and Americans “hostage” with its debt ceiling plan. What Happened: Sanders took to Twitter to share a clip of his interview with CNN in which he claimed that...

Heather Boushey, a member of the White House Council of Economic Advisers reportedly said that Federal Reserve's interest rate hikes aimed at reining-in inflation were having a negative impact on the banking sector and warned Republicans against worsening the situation with their debt ceiling...

Market commentator Jim Cramer reportedly said there are four main hurdles all investors have to navigate in current times but noted that those who do so effectively will witness a payoff. What Happened: "If it were just one hurdle, we'd be fine," Cramer said, according to a CNBC report. "But with...

Hedge fund investor and long time deficit hawk Stanley Druckenmiller reportedly said the current deadlock over the debt ceiling is dwarfed by the dangers of unchecked future government spending. What Happened: Druckenmiller said on Monday, "The fiscal recklessness of the last decade has been like...

President Joe Biden said on Tuesday that the U.S. has never failed to repay its debt but the country was being held hostage by MAGA Republicans. What Happened: Biden tweeted that "America is not a deadbeat nation."  "We have never, ever failed to pay our debt. But MAGA Republicans are engaged in...

U.S. Treasury bills, also considered the world's safest asset, are having a deeply negative trading session on Tuesday, May 2, as the yield on the three-month T-Bill skyrocketed 18 basis points to 5.23% amid growing concerns that the U.S. government will run ...

Former Treasury Secretary Lawrence Summers reportedly said the new debt ceiling deadline of June 1 is unwelcome, but not unexpected and that "we just have to rely on fear to do the work of reason." What Happened: "We knew that this day would come. We have seen for the last few weeks tax collections...

House Speaker Kevin McCarthy on Thursday reportedly escalated demands that President Joe Biden and Democrats resolve the debt-ceiling crisis by accepting the plan passed by House Republicans. "The President has ignored this problem. He's actually putting the economy of America in jeopardy by not...

Former Treasury Secretary Lawrence Summers reportedly said the odds that the U.S. government could witness a technical debt default due to debt ceiling legislation stood at around 2%-3%. What Happened: Summers said, “I think the odds on a technical default associated with the debt limit...

Treasury Secretary Janet Yellen on Tuesday reportedly cautioned that if Congress failed to raise the government’s debt ceiling — and cause a default — it would lead to an “economic catastrophe” that would push interest rates higher for years to come. What Happened: In remarks...

House Speaker Kevin McCarthy on Wednesday reportedly unveiled a plan to raise the debt ceiling by $1.5 trillion and trim federal spending by three times that amount. McCarthy’s proposal would reduce the total amount of domestic and military spending to 2022 levels and limit growth at 1%...