The U.S. Congress and world markets faced more uncertainty on Tuesday as Republican leaders delayed action on a plan to raise the government's $14.3 trillion borrowing limit, narrowing the chances for a deal to avert a debt default.
Some of the largest pension funds and investment firms have urged President Barack Obama and Congress to resolve the deficit impasse and avoid inflicting "pain and hardship" on the nation.
There was little good news on the debt deal front early Wednesday: Democrats and Republicans are working on separately debt reduction plans, neither of which is likely to pass both chambers. A debt deal at this late stage is looking increasingly less likely.
A Republican plan to cut the U.S. deficit faced delay and stiff opposition on Wednesday, piling anxiety onto investors and ordinary Americans hoping for a late compromise to avoid a crippling debt default.
First Lady Michelle Obama during her visit to Utah next week might wear a dress created by a 12-year-old Texas boy.
Elizabeth Warren, the law professor who persuaded the Obama administration to create the Consumer Financial Protection Bureau, will step down on August 1 from her role setting up the controversial new regulator, the Treasury said on Tuesday.
Will the sky fall on August 2 if the U.S. Congress fails to raise the debt ceiling?
The dollar fell broadly on Tuesday as lawmakers remained deadlocked over raising the nation's debt ceiling to avoid a devastating default, while U.S. and European shares also declined.
Gold held steady on Tuesday after the last session's record high, as investors stayed on the sidelines, watching the stalemate in Washington's budget talks to avert a ratings downgrade or default.
Tea Party activists demanded House of Representatives Speaker John Boehner deliver on budget cuts at a rally on Monday at his Ohio offices, urging the Republican leader to "stand strong" in debt negotiations.
Paul Light has worked in and studied the institutions of government in Washington for more than three decades. He has written papers and taught about the great American legislative battles of modern times, where compromise has nearly always prevailed.
Executives from rating agencies Standard & Poor's and Moody's Investors Service are scheduled to testify on Wednesday on attempts to reform the credit rating industry and the role it is playing in the U.S. debt ceiling debate.
President Barack Obama's Democrats and their Republican rivals were further apart than ever on Tuesday in an impasse over America's debt limit as Wall Street braced for a looming U.S. default and credit downgrade.
Stocks were near flat on Tuesday as ongoing concern about a stalemate in the U.S. debt talks offset healthy earnings from corporations.
Assuming President Barack Obama and Congressional Republicans can not resolve the debt deal dispute in eight days, the unfathomable will happen -- a default by the U.S. Government. But that begs the question: what will the U.S. Federal Reserve do, if the U.S. Government defaults?
President Barack Obama's Democrats and their Republican rivals on Tuesday headed for a showdown over competing debt plans one week before a deadline for averting a potentially disastrous U.S. default.
So many Americans are so sick of political acrimony over raising the U.S. debt limit that it might seem unfathomable to have to do it all over again early next year. But that is exactly what the top U.S. Republican, John Boehner, is proposing for some practical political reasons.
Across the street from the U.S. Capitol in the small north lawn of the United Methodist Building, Christians, Muslims and Jews will pray on Tuesday for the country's budget, and hope to teach Republicans and Democrats a lesson in compromise.
The nominee to be the next top U.S. military officer warned on Tuesday that cutting security spending by $800 billion or more as part of deficit reduction measures would be "extraordinarily difficult and very high risk."
The dollar fell on Tuesday as U.S. lawmakers remained deadlocked over raising the nation's debt ceiling to avoid a devastating default, while U.S. and European shares also declined.
President Barack Obama's Democrats and their Republican rivals on Tuesday headed for a showdown over competing debt plans one week before a deadline for averting a potentially disastrous U.S. default.
Here is the situation on Tuesday as lawmakers try to close in on a deal to raise the $14.3 trillion U.S. debt limit by August 2 and avoid a federal credit default:
