Senate passes debt ceiling bill, sending measure to Biden
The legislation now goes to President Biden's desk, pulling the nation back from the brink of a financial crisis.
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The legislation now goes to President Biden's desk, pulling the nation back from the brink of a financial crisis.
A majority of Democrats and a majority of Republicans voted in favor of the Fiscal Responsibility Act.
After days of intense negotiations and weeks of talks, an agreement in principle has been reached to raise the debt ceiling.
Everything from the stock market to Social Security payments could be jolted if the U.S. defaults on its obligations.
Even a short default could wipe out more than a million jobs, especially in parts of the U.S. that depend on federal spending.
If Congress doesn't have a deal to raise the debt ceiling by June 1, your investments could be at risk.
WBZ-TV's Courtney Cole reports.
WBZ TV's Courtney Cole reports.
If Congress can't come to an agreement by June 1, the country will default and not be able to pay its' debts.
If Congress can't come to an agreement by June 1, the country will default and not be able to pay its' debts. WBZ-TV's Mike Sullivan reports.
"No one should assume that the Fed can… really protect the economy and the financial system, and our reputation globally, from the damage such an event might inflict," Federal Reserve Chairman Jerome Powell said.
Massachusetts Congressman Jim McGovern said House Speaker Kevin McCarthy's "playing games" with the debt ceiling "represents an all-time high in recklessness and stupidity."
Massachusetts Congressman Stephen Lynch believes lawmakers can cross the aisle to find a solution.
We hear about it every day, but do you know what it is and how it affects you?
Grover is the ultimate in single interest constituencies in Washington. He is not accountable to anybody. He does not disclose who funds him, who pays him to do what he does or how much he is paid to blackmail GOP Members of Congress to sign his pledge not to raise taxes.
One word comes to mind as I watch these inept egomaniacs drive us off the road: help!
Mitt Romney says the nation's credit problem arose because President Barack Obama has failed to show leadership on the economy.
Now that federal lawmakers have finally hammered out a deal to raise the nation's debt ceiling, what does this mean for taxpayers here in Massachusetts?
Jay Gonzalez, the state's budget chief says he is relieved with the action taken in Washington, but uncertain about what is ahead.
In relation to the trillion dollar estimates made by both the Senate and the House,what was the longshot figure that the stock market lost over the past week? My feeling is that the trillions lost in the market exceeded the trillions that the Senate and House were squabbling about. - Stan
The bill is expected to pass, but the debt debate is far from over.
Gridlock, chaos, and 11th hour can-kicking? Of course that's what we're getting. That's exactly what we ordered.
We've Reached A Fork In The Road
The Massachusetts' congressional delegation is protesting a warning from a major credit rating agency that they might downgrade the credit ratings of several municipalities in the state. Moody's Investors Service announced it would review the possible downgrade of U.S. municipalities and other institutions due to the indirect effects of the possible downgrade of federal government bonds because of the ongoing impasse over the federal debt limit. Moody's has listed 162 local governments in 31 states.
Mayors from across Massachusetts are calling upon national lawmakers to reach a deal in the debt ceiling talks.
