Biden on debt ceiling deal to avoid default: "This is vital"
The president spoke less than 24 hours after the Senate approved the agreement in a bipartisan vote.
Watch CBS News
The president spoke less than 24 hours after the Senate approved the agreement in a bipartisan vote.
The debt ceiling deal has cleared both chambers of Congress and is headed to the president's desk.
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.
The Senate votes on the bill next.
Rep. Thomas Massie broke with two other conservatives on the House Rules Committee to advance the legislation to the House floor.
After days of intense negotiations and weeks of talks, an agreement in principle has been reached to raise the debt ceiling.
The House Democratic leader said he can guarantee the U.S. will not default on its debt.
Time is running short for House Republicans and the White House to reach an agreement on the debt ceiling to avoid default.
President Biden and House Speaker Kevin McCarthy huddled yet again as the debt ceiling "X" date nears.
McCarthy said Sunday that he had a "productive" call with Mr. Biden as the president returns from the G-7 conference in Japan.
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.
"It's hard to overstate how bad it would be," one expert said. Everything from Social Security payments to your retirement fund could get hit.
Secretary Janet Yellen told Congress Monday that the Treasury Department has already seen borrowing costs "increase substantially" for securities maturing in early June.
Millions of Social Security recipients "need to be very careful" about spending because payments could be delayed, one expert said.
"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.
Republicans and Democrats still appear far apart on raising or suspending the debt ceiling. The five leaders are expected to meet again Friday.
The treasury secretary moved up her estimate of when the U.S. risks defaulting on its debt.
Here are the options Congress has to avert a first-time U.S. credit default and the severe economic consequences that could follow.
Hitting "Date X" without raising the debt ceiling could lead the U.S. to default on its debt for the first time in its history.
As a default deadline approaches, people across America are watching.
A nonprofit aiming to help Gov. Rick Perry gear up for another presidential run says it will launch a national advertising campaign blasting Washington and promoting GOP governors.
Will the President's second term bring cooperation or confrontation between Democrats and Republicans?
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.
A business jet with six on board crashed on a Laredo, Texas, highway and caught fire, killing one person and causing chaos as people left their vehicles to frantically try to smash the cockpit window and free those inside.
Federal officials are warning that one of the world's largest sporting events could bring more than soccer fans.
Over the years, many Croatians have visited, including the national team back in 2018.
The Dallas City Council could move a step closer to relocating City Hall on Wednesday.
Trevor Larnach led off the game with a home run, Kody Clemens added a three-run shot and the Minnesota Twins clinched another series in Texas with an 12-2 victory over the Rangers.
A business jet with six on board crashed on a Laredo, Texas, highway and caught fire, killing one person and causing chaos as people left their vehicles to frantically try to smash the cockpit window and free those inside.
Federal officials are warning that one of the world's largest sporting events could bring more than soccer fans.
Over the years, many Croatians have visited, including the national team back in 2018.
The Dallas City Council could move a step closer to relocating City Hall on Wednesday.
Trevor Larnach led off the game with a home run, Kody Clemens added a three-run shot and the Minnesota Twins clinched another series in Texas with an 12-2 victory over the Rangers.
Federal officials are warning that one of the world's largest sporting events could bring more than soccer fans.
Donald Mercer was sentenced to 300 days behind bars for soliciting sex from a woman he arrested.
While FIFA is expected to make billions on the tournament, local cities are spending millions to host.
Drivers towed from a Fort Worth CVS may be eligible for refunds after an I-Team investigation found questions over whether the tow company had authorization to operate in the lot.
Before striking a pipeline, causing a natural gas leak and subsequent explosion, an engineering firm did follow proper protocol to begin work at a Dallas apartment building.
The FBI said it disrupted an attempt to attack Sunday's UFC America 250 event at the White House, with court records detailing an alleged plot to use small drones carrying explosives.
U.S. Immigration and Customs Enforcement this week extended training for new officers and mandated additional instruction for those onboarded under a shortened Trump administration academy process that has now been scrapped, according to an internal agency memo obtained by CBS News.
Gina Hinojosa was in North Texas launching Team Texas Public Schools. Hinojosa told our Eye on Politics reporter Jack Fink about the effort to make education one of the big campaign issues ahead of the election. She is facing Republican Gov. Greg Abbott, who is seeking his fourth term in November.
Former Dallas mayors Laura Miller and Tom Leppert share their thoughts on what should happen to Dallas City Hall.
Plano's population has reached 300,000, and the city has landed AT&T, Samsung, and now the Dallas Stars. Mayor John Muns tells Eye on Politics reporter Jack Fink what he thinks sets Plano apart.
Target, which embarked on a turnaround plan under its new CEO earlier this year, reported an increase in first-quarter sales Wednesday.
During the program's first year, it will be offered at about 65 to 75 hospitals that handle about a quarter of births in the state and largely serve low-income patients, Newsom's office said.
Bimbo Bakeries USA employs over 20,000 people and has been headquartered in Horsham, Pennsylvania, for the past 17 years.
This explosion is among several similar incidents across North Texas that raise questions about why hazardous natural gas leaks keep happening
Zoox, owned by Amazon, produces its own autonomous vehicles that it says are built for passengers, not drivers.
Dr. Peter Stafford was working with a missionary group in the Congo when he came down with the virus last month.
The FDA is moving ahead with a safety study of the abortion pill mifepristone, a senior FDA official confirmed to CBS News, a step that could create a path for the Trump administration to restrict access to the medication.
The head of the World Health Organization says Ebola has killed at least 7 people in Congo, but the U.N. agency says it knows the epidemic "is much larger."
The most recent week of data from Dallas County Health and Human Services shows a 50% increase in positive flu cases.
The cruise ship hit by a deadly hantavirus outbreak has docked at the Dutch port of Rotterdam for disinfection, wrapping up a troubled journey that put world health authorities on alert.
Despite the costs and rules, fans are excited for the World Cup madness that's finally taking off.
After sharing management of the arena for decades, the Mavericks are now in full control.
Target, which embarked on a turnaround plan under its new CEO earlier this year, reported an increase in first-quarter sales Wednesday.
Expensive tickets, trouble getting visas and anti-American sentiment may all be contributing to underwhelming demand.
Herring said that in the year before tariffs, used car sales were just under half of his business at his dealership in Irving; Now, they are nearly 75 percent.
Trevor Larnach led off the game with a home run, Kody Clemens added a three-run shot and the Minnesota Twins clinched another series in Texas with an 12-2 victory over the Rangers.
"It's football first," said Pickens.
The 2026 FIFA World Cup excitement continues.
Right after checking out from jail, Rice ran past a CBS News Texas photojournalist climbed into the back seat of a waiting SUV.
Josh Bell hit a three-run homer in the first inning, Byron Buxton went deep for the 23rd time this season, leading off the sixth, and the Minnesota Twins beat the Texas Rangers 4-2 on Monday night.
Rio de Janeiro's Military Fire Department said one of the helicopters crashed in the parking lot of a car dealership, where several electric vehicles were parked, igniting a fire.
Creative minds are coming together in North Texas.
Anthony Head played librarian and mentor Rupert Giles in "Buffy the Vampire Slayer" and recently appeared in "Ted Lasso."
Peabo Bryson, a two-time Grammy-winning singer and songwriter known for Disney movie hits "Beauty and the Beast" and "A Whole New World," has died at age 75.
President Trump said he is considering replacing the Freedom 250 concert series with a rally after many artists dropped out.
The Red Bull Flugtag Airshow returned to Las Colinas on Saturday after a 12-year hiatus. Teams are tasked with constructing a flying machine and putting it to the test. It's estimated that around 25,000 people attended the event.
A suspect was taken into custody after an attack on Pearl Street Mall in Boulder on June 1 in which there were 15 people and a dog who were victims. The suspect threw Molotov cocktails that burned some of the victims, who were part of a march for Israeli hostages.
The Neonatal Intensive Care Unit babies at Texas Health locations across North Texas celebrated Valentine's Day.
As Anthony Davis prepared for his debut game at the AAC, Dallas Mavericks fans took to the arena to protest the controversial trade.
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
