‘We averted an economic crisis and economic collapse,’ says president in address to the nation about deal, but will not sign bill before Saturday
Here’s more on how the debt ceiling crisis will impact the US’s credit rating, from the Guardian’s Joan E Greve.
The US is not yet out of the woods on a potential credit downgrade, even though Joe Biden is scheduled to sign the debt ceiling bill tonight to avert a federal default.
Continue reading...Compromise package to suspend debt ceiling passed US Senate late on Thursday with 63 votes to 36
The bipartisan bill to solve the US debt ceiling crisis just days before a catastrophic and unprecedented default was on its way to Joe Biden’s desk on Friday as the US president prepared to address the nation and hailed “a big win for our economy and the American people”.
The compromise package negotiated between Biden and the House speaker, Kevin McCarthy, passed the US Senate late on Thursday.
Continue reading...US president took a tumble at the end of a ceremony honoring air force graduates in Colorado; White House vows to use veto
Supreme court justices on Thursday took aim at pharmacies who overcharge the government for prescription drugs, their unanimous ruling reopening a pathway for legal action by individuals seeking to protect taxpayers’ money.
The case involves “whistleblowers” ostensibly acting for the government, whom a lower court said could not sue pharmacies claiming their own “objectively reasonable” reading of the law allowed them to overbill federal health programs including Medicare and Medicaid.
Continue reading...Vote expected to be held at 8:30pm ET and if passed would move next to the Senate for quick approval to protect US from default
The House is set to hold its final vote on raising the debt ceiling Wednesday, as leaders of both parties expressed confidence they will soon clear a major legislative hurdle with just days left before the US is expected to default.
Arriving at the Capitol Wednesday morning, the House Republican speaker, Kevin McCarthy, told reporters that he felt “good” about the upcoming vote, expected to be held at 8:30pm that day. Asked for his message to House Republicans, McCarthy encouraged them to support the bill, describing it as “the first step to change the way we spend money”.
Continue reading...Freedom caucus has attacked House leader Kevin McCarthy’s deal with Joe Biden to raise the debt ceiling before the default deadline of 5 June
Members of the hard-right House Freedom Caucus have attacked the proposed spending cuts in the debt ceiling bill as woefully inadequate, and vowed to oppose the legislation when it hits the floor.
“We had the time to act, and this deal fails – fails completely,” Representative Scott Perry of Pennsylvania, chair of the Freedom Caucus, said on Tuesday. “We will do everything in our power to stop it and end it now.”
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