U.S. debt ceiling has been reinstated
The debt ceiling currently stands at about $36.1 trillion.
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The debt ceiling currently stands at about $36.1 trillion.
The legislation now goes to President Biden's desk, pulling the nation back from the brink of a financial crisis.
The House passed the bill to raise the debt ceiling Wednesday. Now, the Senate will take it up.
A majority of Democrats and a majority of Republicans voted in favor of the Fiscal Responsibility Act.
President Joe Biden says he is optimistic the U.S. will not default on the nation's debt. But whether or not that happens now rests with Congress, which will a vote on the compromise legislation to raise the debt ceiling in exchange for spending cuts. CBS News' Skyler Henry reports.
After days of intense negotiations and weeks of talks, an agreement in principle has been reached to raise the debt ceiling.
Lawmakers in Washington have just one week to raise the debt ceiling or risk defaulting on the U.S. debt for the first time in history.
Lawmakers in Washington have just one week to raise the debt ceiling or risk defaulting on the U.S. debt for the first time in history. House Speaker Kevin McCarthy (R-California) and President Joe Biden are both optimistic that a deal can be reached in time. Sen. Dick Durbin (D-Illinois) is putting pressure on McCarthy.
Even a short default could wipe out more than a million jobs, especially in parts of the U.S. that depend on federal spending.
Without a deal, Treasury Secretary Janet Yellen has said the U.S. could be unable to pay its bills and might default on its debt as soon as June 1.
Members of Congress and President Joe Biden had their second meeting on the national debt limit Tuesday. CBS News' Nicole D'Antonio 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.
CBS News' Nicole D'Antonio reports on the debt ceiling standoff and the damage it is causing.
The game was tied at 1 before Thompson scored from the low slot 13 minutes into the second after stealing the puck from Blackhawks defenseman Louis Crevier.
The star of the film and members of the Jackson 5 all walked the red carpet of the special screening on Monday night.
Some of the water guns carried by the students can be mistaken for the real deal, and that's exactly what happened over the weekend.
Kyle Schwarber homered twice and drove in three runs, Cristopher Sánchez pitched six strong innings and the Philadelphia Phillies defeated the Chicago Cubs 13-7.
Some parents in southwest suburban Oswego are fired up, saying the school district invited all non-white students to participate in summer remedial programming, regardless of how they're doing in school.
The back and forth between President Trump and Pope Leo XIV continues to make waves, as the president has lashed out at the pope's criticism of his administration.
After a one-month delay, the City Council is moving forward with plans to increase taxi fares in Chicago for the first time since 2016.
The image was deleted from President Trump's Truth Social account, but the president said it depicted him as a "doctor, making people better."
A federal judge in Miami handed President Trump a defeat in his defamation lawsuit against the Wall Street Journal over a story about a birthday book for Jeffrey Epstein.
Lawmakers are returning to Washington to face major developments in the war with Iran, a lingering DHS shutdown and possible expulsion votes for some of their own members.
A passenger on an American Airlines flight from New York to Chicago has been charged with making a false bomb threat that forced an emergency landing at Detroit Metro Airport last month, according to a federal criminal complaint.
Skyrocketing property taxes continue to be a hot-button issue in Cook County — particularly since last fall, when many residents saw their tax bills increase by 100% or more.
Illinois Secretary of State Alexi Giannoulias this weekend issued a warning about a surge in text messages that falsely claim to come from his office or the DMV within it.
Tenants at a South Loop luxury high-rise that has been plagued with problems like broken elevators are vowing to fight five-day eviction notices.
It's become an annual March Madness tradition at CBS Chicago, pitting our city's best eateries in direct competition in a foodie bracket challenge. We did pizza, we've done Italian beef, we've done Chicago dogs. This year, we're taking flight with wings.
The Centers for Disease Control and Prevention says more than 80% of deaths related to pregnancy are preventable, and Black women are three times more likely to die from pregnancy-related causes than white women.
The United States has long struggled with understanding and finding ways to help treat mental illness. A new documentary, which is screening Saturday in Chicago, examines the reality of living with mental illness in America.
Allergy season is here, and the dreaded pollen can trigger sneezing, congestion, wheezing, and shortness of breath.
Northwestern Medicine and the American Red Cross teamed up for a community blood drive in Chicago on Monday morning.
Ending domestic violence is the goal of groups and advocates all over the world, and some experts in Chicago say it is time to become less reactive and more proactive when it comes to the people causing harm.
A new restaurant has joined the busy stretch of Halsted Street toward the south end of Chicago's Lincoln Park neighborhood that is also home to Alinea and Boka.
The federal government is suing Illinois, Connecticut and Arizona over efforts to regulate prediction market operators such as Kalshi and Polymarket.
The owners of the popular Uncommon Ground restaurant, live music venue, and brewery in Chicago's Wrigleyville community announced this week that they're looking for a successor to take over the business.
Chicago consistently ranks in the top three cities in Fortune 500 company headquarters, and now a competition has been launched to build on Chicago's power in business.
The flagship Ann Sather restaurant on Belmont Avenue in Chicago's Lakeview community will be moving later this year, a restaurant representative said Tuesday.
The United States has long struggled with understanding and finding ways to help treat mental illness. A new documentary, which is screening Saturday in Chicago, examines the reality of living with mental illness in America.
Afrika Bambaataa, a rapper and producer, was best known for breakthrough tracks like 1982's "Planet Rock" and for founding the Universal Zulu Nation art collective.
Mozart's "Don Giovanni," the local premiere of the 2022 opera "Omar," and a fresh production of "Guys and Dolls" are among the highlights of the 2026-2027 season for Chicago's Lyric Opera.
Federal magistrate Renee Harris Toliver told Pooh Sheisty that the evidence against him is strong.
A major music festival featuring the rapper formerly known as Kanye West was canceled after the U.K. government blocked Ye from entering the country.
The Wall Street Journal reports the new drinks include a dirty Dr. Pepper and a mango-pineapple refresher. Energy drinks are slated for later this year.
The company said the chemicals were previously used in some water-repellent clothing items, but it phased out their use back in 2023.
This comes as the airline plans to end service at Chicago’s O’Hare Airport.
Chicago comes in at No. 9 on the list. The No. 1 accent was Southern, and Louisiana rounds out the list at No. 10.
The crew honored a 2-year-old child named Cruz with a heartfelt preflight announcement during his final flight home from receiving cancer treatments. He was officially declared cancer-free in March.
Some of the water guns carried by the students can be mistaken for the real deal, and that's exactly what happened over the weekend.
The back and forth between President Trump and Pope Leo XIV continues to make waves, as the president has lashed out at the pope's criticism of his administration.
The star of the film and members of the Jackson 5 all walked the red carpet of the special screening on Monday night.
Some parents in southwest suburban Oswego are fired up, saying the school district invited all non-white students to participate in summer remedial programming, regardless of how they're doing in school.
Kyle Schwarber homered twice and drove in three runs, Cristopher Sánchez pitched six strong innings and the Philadelphia Phillies defeated the Chicago Cubs 13-7.
Some parents in southwest suburban Oswego are fired up, saying the school district invited all non-white students to participate in summer remedial programming, regardless of how they're doing in school.
New proposed Illinois legislation would allow renters or people who can't install massive rooftop panels to also harness the power of the sun.
When a rusty light pole snapped and fell on a woman's car in Bucktown, causing thousands of dollars in damage, she thought the city would pay for it. She was wrong.
Financial exploitation is the leading type of elder abuse in Illinois. One Streamwood woman learned that personally, when her brother took hundreds of thousands of dollars from their parents' financial accounts.
One year after a teenage girl was shot outside her home in Country Club Hills, Illinois, and was told she would never walk again, she continued to defy the odds and reclaim her independence.
The game was tied at 1 before Thompson scored from the low slot 13 minutes into the second after stealing the puck from Blackhawks defenseman Louis Crevier.
Kyle Schwarber homered twice and drove in three runs, Cristopher Sánchez pitched six strong innings and the Philadelphia Phillies defeated the Chicago Cubs 13-7.
After adding some veterans over the weekend, the Chicago Sky will add a few more pieces from the college ranks in Monday night's WNBA Draft.
The Chicago White Sox have sent infielder Lenyn Sosa to the Toronto Blue Jays in exchange for minor league outfielder Jordan Rich and a player to be named later or cash considerations.
The Wildcats are led by another record-setting superstar, hoping to lead them back to the top.
Two police officers were injured over the weekend while arresting a man in a domestic disturbance in the southwest Chicago suburb of Orland Park.
Burglars struck a restaurant in the South Loop overnight Sunday night into Monday, forcing the restaurant to close for the day.
Dominic Frimpong was killed after the team's bus was attacked by a group of suspected armed robbers, officials said Monday.
Prosecutors said the victim of a deadly shooting in Chicago's Humboldt Park neighborhood back in January was the new boyfriend of the alleged shooter's ex-girlfriend.
A man was killed this weekend in a shooting in the south Chicago suburb of Oak Forest.
