Latest news with #debtlimit
Daily Mail
6 days ago
- Business
- Daily Mail
Trump reveals the ONLY issue he agrees on with liberal 'Pocahantas' Elizabeth Warren
President Donald Trump has found common ground with a longtime political foe. The president announced Wednesday that he agrees with Senator Elizabeth Warren (D-Mass.) on the issue of raising the debt limit, which is the maximum amount of debt that the federal government is allowed to borrow. 'I am very pleased to announce that, after all of these years, I agree with Senator Elizabeth Warren on SOMETHING,' he wrote on Truth Social. 'The Debt Limit should be entirely scrapped to prevent an Economic catastrophe.' 'It is too devastating to be put in the hands of political people that may want to use it despite the horrendous effect it could have on our Country and, indirectly, even the World.' 'As to Senator Warren's second statement on the $4 Trillion Dollars, I like that also, but it would have to be done over a period of time, as short as possible. Let's get together, Republican and Democrat, and DO THIS!' the president posted on Truth Social. Last month, Warren called upon her congressional colleagues to scrap the debt limit to prevent an 'economic catastrophe.' '@realDonaldTrump and I agree: the debt limit should be scrapped to prevent an economic catastrophe. Let's pass a bipartisan bill and get rid of it forever. But jacking up the debt limit by $4 trillion to fund more tax breaks for billionaires is an outrage,' Warren posted on May 30th. . @realDonaldTrump and I agree: the debt limit should be scrapped to prevent an economic catastrophe. Let's pass a bipartisan bill and get rid of it forever. But jacking up the debt limit by $4 trillion to fund more tax breaks for billionaires is an outrage. — Elizabeth Warren (@SenWarren) May 30, 2025 Trump's comment came as the president is aiming to steer his spending package through the Senate, after the bill passed the House of Representatives before the Memorial Day recess. Still, Trump and Warren's relationship is far from being all rainbows and butterflies. Trump and Warren have a storied history, much of which revolves around Trump calling Warren 'Pocahontas.' Warren self-identified that she had Native American heritage on applications to Harvard and the University of Pennsylvania. But after being called out by Trump, Warren later released a DNA test in 2018 which revealed that she was only 1/512th Native American. The White House separately is directly trying to slash another top Warren priority in the bill that is snaking its way through the Senate. The Trump administration put out a '50 Wins in the One Big Beautiful Bill' on Tuesday which included reining in the Consumer Financial Protection Bureau (CFPB), a 'brainchild' of Senator Warren. 'This brainchild of Sen. Elizabeth Warren has long functioned as another woke, weaponized arm of the bureaucracy — with minimal accountability or oversight — that leverages its power against certain industries and individuals disfavored by the so-called 'elites.'' the White House wrote. Trump's comments also came hours before his Wednesday meeting with members of the Senate Finance Committee, which includes Warren in its ranks. The push to raise the debt ceiling in the president's 'big, beautiful bill' has rubbed some Republicans the wrong way, including Senator Rand Paul (R-Ky.) Earlier this week, Paul told reporters that the proposed debt ceiling increase was a key reason for his opposition to the bill. "We have never raised the debt ceiling without actually meeting that target," Paul noted on Monday. "So you can say it doesn't directly add to the debt, but if you increase the ceiling $5 trillion, you'll meet that. And what it does is it puts it off the back-burner. And then we won't discuss it for a year or two," Paul concluded. Senator Markwayne Mullin (R-Okla.), a member of the Appropriations Committee who is a vocal MAGA ally on Capitol Hill, told Fox News host Will Cain Wednesday afternoon that Warren only wants to raise the debt limit 'because she doesn't believe in it, you cannot spend enough, you got to spend like a drunken sailor.'
Bloomberg
15-05-2025
- Business
- Bloomberg
Deputy Treasury Chief Says August Is Earliest for X-Date Worries
Deputy Treasury Secretary Michael Faulkender said that federal tax receipts have been coming in higher than a year ago, helping bolster confidence that August is the earliest point for concerns about staying within the federal debt limit. 'We're pretty confident, based upon the receipts that came in from primary tax filing season that an August time frame is the earliest that we need to worry about the X-Date,' Faulkender said in a Bloomberg Television interview. The X-Date refers to the point at which the Treasury runs out of cash and special accounting measures to keep within the debt ceiling and still make good on federal obligations on time.
Yahoo
11-05-2025
- Business
- Yahoo
House GOP spending chief: ‘I don't think we'll have a debt limit suspension'
House Appropriations Chair Tom Cole (R-Okla.) said Sunday that he does not believe 'we'll have a debt limit suspension' a few days after Treasury Secretary Scott Bessent called on Congress to raise the debt ceiling by the middle of the summer. 'I don't think we'll have a debt limit suspension because Republicans like to revisit this conversation,' Cole told NewsNation's Chris Stirewalt on 'The Hill Sunday.' 'Look, if it was up to the Democrats, they agree, they'd love to get rid of the debt limit … I've talked to them.' 'You do that, that's like never talking about your credit card when you go to the limit. And we like to get to a limit and we'll have a discussion, and then at least have some reforms to change the trajectory of the debt,' he added later. Bessent told House Speaker Mike Johnson (R-La.) on Friday that there is 'reasonable probability' that the government's 'cash and extraordinary measures will be exhausted in August while Congress is scheduled to be in recess.' 'Therefore, I respectfully urge Congress to increase or suspend the debt limit by mid-July, before its scheduled break, to protect the full faith and credit of the United States,' Bessent said in a letter to the House Speaker. Republicans have been hopeful they will be able to bring up the debt limit via a process called budget reconciliation, aiming to raise the debt ceiling within the same vehicle being assembled for the advancement of large portions of President Trump's agenda with only GOP votes. Bessent said in his Friday letter that 'prior episodes have shown that waiting until the last minute to suspend or increase the debt limit can have serious adverse consequences for financial markets, businesses, and the federal government, harm business and consumer confidence, and raise short-term borrowing costs for taxpayers.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Malay Mail
10-05-2025
- Business
- Malay Mail
US nears US$36t debt ceiling in August, Treasury chief urges urgent action to prevent default
WASHINGTON, May 10 — There is a 'reasonable probability' the United States will hit its borrowing limit in August when Congress is in recess, Treasury Secretary Scott Bessent said yesterday, calling on lawmakers to act. 'I respectfully urge Congress to increase or suspend the debt limit by mid-July, before its scheduled break, to protect the full faith and credit of the United States,' he wrote in a letter to the speaker of the House of Representatives, Mike Johnson. The United States exceeded a roughly US$36 trillion congressionally approved borrowing cap in January this year, forcing the Treasury Department to take 'extraordinary measures' to avert the risk of a government default. The Republican-controlled Congress has been in talks to increase the threshold as part of a broader suite of tax-and-spend measures based on President Donald Trump's policy priorities. But the talks have so far failed to translate into legislation that can pass both the House and the Senate, spurring Bessent's letter. 'Prior episodes have shown that waiting until the last minute... can have serious adverse consequences for financial markets, businesses and the federal government,' he said. 'A failure to suspend or increase the debt limit would wreak havoc on our financial system and diminish America's security and global leadership position,' Bessent added. — AFP
Bloomberg
09-05-2025
- Business
- Bloomberg
LaHood Discusses China Trade Policy, Debt Limit
Rep. Darin LaHood, (R) Illinois, talks about trade policy between the United States and China, saying that China cannot continue to manipulate trade policy. He also talks about debt limit and says he is confident Congress will reach a vote by mid-July. Rep. LaHood speaks with Kailey Leinz on Bloomberg's "Balance of Power." (Source: Bloomberg)
