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.
Dak Prescott has broken Tony Romo's franchise record for touchdown passes with four in the Dallas Cowboys' 37-20 victory over the Washington Commanders.
The Cowboys are hoping for a comeback win for their home opener Sunday against the Washington Commanders.
Toronto leadoff hitter Brett Bateman reached base and scored three times as the Blue Jays beat AL West-leading Texas 7-2 to avoid a series sweep.
The lawyer for the man identified him as a 28-year-old Venezuelan national, Wilber Rafael Garces Perez. Officials said he was shot at least once in the torso and was in serious but stable condition.
Roanoke Police said the officer was on a motorcycle and was responding to complaints about motorcyclists traveling at high speeds near the Texas Motor Speedway.
Dak Prescott has broken Tony Romo's franchise record for touchdown passes with four in the Dallas Cowboys' 37-20 victory over the Washington Commanders.
The Cowboys are hoping for a comeback win for their home opener Sunday against the Washington Commanders.
Toronto leadoff hitter Brett Bateman reached base and scored three times as the Blue Jays beat AL West-leading Texas 7-2 to avoid a series sweep.
The lawyer for the man identified him as a 28-year-old Venezuelan national, Wilber Rafael Garces Perez. Officials said he was shot at least once in the torso and was in serious but stable condition.
Roanoke Police said the officer was on a motorcycle and was responding to complaints about motorcyclists traveling at high speeds near the Texas Motor Speedway.
The situation, food banks warn, is getting worse.
Dallas nonprofit Hunger Busters has been under scrutiny since an I-Team investigation in January.
Nearly 300 railroad crossings used by school buses in Texas have a history of crashes.
Technology company SPAN wants to build thousands of tiny data centers and spread them across the country.
Critics of LifeWise say its business model puts too much of the burden on local communities.
The Federal Reserve raised interest rates for the first time since 2023 on Wednesday, reversing course as the Iran war drives up global energy prices and fuels inflation.
President Trump said that he has agreed to convert plans for a massive triumphal arch into a "top grade Military Complex," equipped with snipers and drone storage.
In a Truth Social post, Mr. Trump called fears around artificial intelligence possibly becoming a superintelligence that could pose a threat to human existence a hoax.
President Trump said Friday that three outlets would be banned from the White House, "effective immediately."
One Cuba resident said there is "no way to know" when power will be restored to the island nation.
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.
About 40 million Americans are on GLP-1 medications like Ozempic, Wegovy, Zepbound and Mounjaro.
Affordable Care Act recipients in 30 states are set to receive the $500 checks starting in October. Here's why.
U.S. officials have confirmed cases of a parasitic illness tied to lettuce in three more states: Georgia, Tennessee and Texas.
Moderna and Merck announced study results that reflect a "landmark moment" in treatment for one of the deadliest forms of skin cancer.
Dallas County health officials said the possible exposure happened during the 2025-26 school year, and that testing is recommended for returning students in grades 10-12.
The Republican Midterm Convention starts Wednesday at the American Airlines Center.
After a 2024 merger with Cedar Flags the combined company moved its headquarters to North Carolina.
The project would include a new Dallas Stars arena, along with restaurants, shops and public spaces.
It's an annual Dallas tradition, but this year those pink Cadillacs are parking in Fort Worth.
A fairly new entertainment and food venue in Allen surprised a lot of people last week by suddenly shutting down.
Dak Prescott has broken Tony Romo's franchise record for touchdown passes with four in the Dallas Cowboys' 37-20 victory over the Washington Commanders.
The Cowboys are hoping for a comeback win for their home opener Sunday against the Washington Commanders.
Toronto leadoff hitter Brett Bateman reached base and scored three times as the Blue Jays beat AL West-leading Texas 7-2 to avoid a series sweep.
Texas had won four straight games to gain a share of the division lead, but dropped one game behind Houston.
The Wings have tied the franchise record for wins in a season, with three games remaining.
Duncan Sheik died on Thursday night, his family said.
Aaron Rowe, Beoga, Lukas Graham and Finneas all released statements Tuesday on Instagram saying they were withdrawing from Ed Sheeran's tour.
The 78th Primetime Emmy Awards celebrated the best in television and streaming from the past year on Monday. See the full list of winners and nominees.
Performer Macklemore is being dropped from Ed Sheeran's Loop tour after making on-stage statements that some found controversial.
The Metro Nashville Airport Authority board voted 6-0 on Friday to begin the process of changing the name and said a final name has not been chosen.
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.
