Biden signs debt ceiling bill that pulls U.S. back from brink of default
With just two days to spare, President Joe Biden has signed legislation that lifts the nation's debt ceiling.
With just two days to spare, President Joe Biden has signed legislation that lifts the nation's debt ceiling.
To pass their debt ceiling deal, House Speaker Kevin McCarthy and President Joe Biden will now have to sell it to their respective parties.
"I respectfully urge Congress to act promptly to protect the full faith and credit of the United States," Yellen wrote to congressional leaders.
Nation is edging closer to statutory debt ceiling of $31.4 trillion. "We are addicted to debt," one expert said.
Fanning the flames of Republican discord, President Donald Trump accused GOP congressional leaders Thursday of botching efforts to avoid an unprecedented default on the national debt.
If elected president, Senator Marco Rubio said he would solve the nation's debt crisis by reforming Medicare, Social Security and forcing Congress to balance the federal budget.
With the government shutdown plan pitched by Senators Marco Rubio, Ted Cruz, and Mike Lee looking less and less likely; the GOP-led House is preparing to threaten to crash the U.S. economy if President Barack Obama and Senate Democrats don't acquiesce to Republican policy demands.
A staggering new Wall Street Journal/NBC News poll showed a plurality of the country was fine with the country crashing through the national debt ceiling.
Senator Marco Rubio is prepared to shut down the United States government if the Affordable Care Act isn't completely defunded by any short-term budget agreement.
Minutes after President Barack Obama finished his annual State of the Union address before a joint session of Congress, Senator Marco Rubio stepped before the cameras and into the national spotlight to deliver the Republican response.
As President Barack Obama and Congressional Republicans continue to fight over issues from spending to guns, the electorate is backing the president on most issues, according to a new Washington Post poll.
As Congressional Republicans and President Barack Obama begin to clash over the raising of national debt ceiling, a plan relying on one or two coins save the nation has started to gain momentum.
The smoke has barely cleared from the prolonged fight over the fiscal cliff on Capitol Hill, but already Congressional leaders and the White House are drawing lines in the sand over the debt ceiling.
MIAMI (CBSMiami) – Much of the talk over the next week will not center around the New Year or football, but instead on the so-called "fiscal cliff." It's a catch-all term that's being applied to a massive round of austerity and tax increases set to go into effect on January 1, 2013. But what exactly makes up the fiscal cliff? It starts with the so-called "Bush Tax Cuts" passed in 2001 and 2004. At the time, then-President George W. Bush pushed through two major tax hikes immediately after the government began running surpluses at the end of the Clinton administration. Bush's tax cuts dropped the rates for all Americans, though Democrats argue they disproportionately helped the wealthiest Americans the most. The tax cuts were set to sunset, or end, in 2010, but another deal between President Barack Obama and Republicans in Congress extended them to December 2012. If both parties can't agree on what to do about the tax cuts, the overall tax rates will revert to what they were in 2000 under President Clinton. According to CBS News, this would impact 88 percent of taxpayers with their taxes rising by an average of $3,500 a year. For a family making between $50,000 and $75,000 a year, the average tax bill would jump by $2,400. The loss of the extra revenue for the families would impact their spending power, which then would hamper businesses, which would turn and cut jobs to continue making profits. But the tax hike in overall rate isn't the only tax that will be impacted. A payroll tax cut was enacted in 2010 to help give the economy some stimulus, but both sides appear willing to let that tax cut expire and let payroll taxes rise by 2 percent in 2013. Tax hikes make up only half of the fiscal cliff. The other half is made up of deep spending cuts/austerity that could cripple the government and contractors nationwide. During the 2011 national debt crisis started by Congressional Republicans, a deal was finally struck to increase the nation's debt limit, but a sequester was put on the military and domestic spending. The sequester was put in place to try and spur government action. As part of the deal, both Republicans and Democrats put together a joint committee to seek trillions in deficit reduction. Republicans refused to allow any tax/revenue increases and Democrats balked at major changes to Social Security and Medicare. When both sides declared failure, the sequester kicked in. It imposes deep spending cuts to domestic discretionary spending as well as deep defense department cuts for military spending. Democrats oppose the discretionary spending and Republicans oppose the defense cuts. According to CBS News, budget cuts of 8-9 percent would hit most of the federal government, from law enforcement to the military to weather forecasting. Only a few areas, like Social Security benefits and Veterans affairs, will be spared the deep cuts. Still, the cuts would be phased in slowly over the next decade, which could help minimize the damage if they are not repealed in early 2013. Even if the nation goes off the "fiscal cliff," Congress can pass tax cuts in early 2013 and make them retroactive to any date they so choose. Congress can also choose to delay or cancel any spending cuts they wish. Some pundits believe this is the likeliest scenario to happen. Because Republicans refuse to allow any tax increases, the belief is that both parties will allow the country to go off the "fiscal cliff." At that point, President Obama can put together a massive tax cut package and send it to Congress. Neither party is likely to oppose a tax cut package, but Obama would have the ability to call for the cuts to be applied to only those making less than $250,000 or another similar level. Republicans and Democrats could quickly pass that measure and both sides could declare victory over the other. The tax rate damage would be averted, but both sides would have to deal with the spending cuts in the sequester. The depth of the spending cuts will likely depend on how much revenue is gained from the tax cuts. Cutting taxes for those below $250,000 and letting the others rise will generate significantly more revenue, which can help minimize the cuts to some degree. However, in exchange for allowing the cuts, Republicans may demand other cuts to programs to offset the overall cost of the cuts. It would create a problem because if Democrats balked at other cuts, Republicans may have to choose between voting against a tax cut, or allowing the cuts to go through without any offsets. One key element of any deal will be the debt ceiling. The last time Republicans wielded the debt ceiling as a weapon, the nation's credit rating was dropped for the first time in history and hit the economy hard. Treasury secretary Timothy Geithner said Wednesday the nation will hit its borrowing limit on December 31. Geithner and the Treasury Department will take "extraordinary" measures to allow the government to keep functioning for a few months. However, at a certain point, Geithner will run out of options. If Congress doesn't authorize a hike in the debt ceiling, the U.S. will default on its bills. This could cripple not only the U.S. economy, but also the global economy. President Obama wants a grand deal on tax cuts and everything to include a two-year automatic extension on the debt ceiling. Republicans have balked at this proposal and another showdown could be in the works in 2013. Republicans will want massive offsets in exchange for any hike in the debt ceiling, which Obama and Democrats are likely to oppose. It all sets up for a very hectic end of 2012 and beginning of 2013. In the middle of it all, a brand new Congress will be sworn in and have to deal with all of the issues immediately if no deal is struck before then, which is looking increasingly less likely. But what exactly makes up the fiscal cliff?
You could call 1248 Coral Way in Coral Gables a one of a kind. Four massive lots on tree lined roadway and a home dating back to 1929. It certainly is a Coral Gables original.
Senate Republicans and a few Senate Democrats are expected to block President Barack Obama's jobs plan Tuesday which includes tax increases on the rich.
Moody's Investor Services has fired another shot across the bow of both the federal government and individual states. Tuesday afternoon, Moody's put five states on review for a downgrade of their credit ratings.
Many in the state of Florida rely on Social Security and Medicare as a lifeline, but as the days countdown to a U.S. default, everyone in the Sunshine State has reason to worry.
As the debt debate continues to threaten to bring down the American economy and way of life; a new poll found that Obama is the best of the worst when it comes to handling the debt and the economy.
As South Florida continues to battle record unemployment, especially in Miami-Dade County, Congressional Republicans continue flirting with having the U.S. default on its debt.
South Florida's seniors may be able to breathe a slight sigh of relief Thursday after senior Republicans in Washington said a controversial plan to overhaul Medicare and Social Security is likely off the table, according to the Washington Post.
Freshman Florida U.S. Senator Marco Rubio put himself in the company of just a few other senators Wednesday when he announced he would not vote to raise the U.S. national debt limit next month.
Dmitry Kulikov was suspended for an illegal check to the head of Tampa Bay Lightning forward Conor Sheary.
You can watch the drawing live on CBS News Miami at 11
Republican voters head to the polls and cast ballots for who they would like to be their party's presidential nominee
The polls opened at 7 a.m., voters must go to their precincts to cast ballots
Donald Trump said Jews who vote for Democrats "hate Israel" and "their religion," igniting a firestorm of criticism from the White House and Jewish leaders.
Dmitry Kulikov was suspended for an illegal check to the head of Tampa Bay Lightning forward Conor Sheary.
You can watch the drawing live on CBS News Miami at 11
Republican voters head to the polls and cast ballots for who they would like to be their party's presidential nominee
The polls opened at 7 a.m., voters must go to their precincts to cast ballots
Donald Trump said Jews who vote for Democrats "hate Israel" and "their religion," igniting a firestorm of criticism from the White House and Jewish leaders.
The U.S. Supreme Court is scheduled Sept. 26 to discuss whether it will hear a First Amendment challenge to a 2021 Florida law that placed restrictions on major social-media companies.
The number of people traveling to Florida during the second quarter of 2023 decreased compared to a year earlier, according to estimates released Wednesday by the state's tourism-marketing agency.
Gov. Ron DeSantis on Monday said Walt Disney Parks and Resorts should drop a federal lawsuit that claims retaliation by the state and accept changes to a special district that long benefited the theme-park giant.
It's Back-To-School and that also means back to the lunch room, as breakfast and lunch are free to all Miami-Dade public school students again this year.
Months after access to a popular children's book about a male penguin couple hatching a chick was restricted at school libraries because of Florida's so-called Don't Say Gay law, a central Florida school district says it has reversed that decision.
Republican voters head to the polls and cast ballots for who they would like to be their party's presidential nominee
The polls opened at 7 a.m., voters must go to their precincts to cast ballots
Donald Trump said Jews who vote for Democrats "hate Israel" and "their religion," igniting a firestorm of criticism from the White House and Jewish leaders.
Chief Justice John Roberts' order clears the way for former White House trade adviser Peter Navarro to begin serving a four-month prison sentence in Florida.
Florida's Presidential Preference Primary is a closed-primary election.
After ignoring the issue for years, the Florida legislature began to address the mental health crisis in the criminal justice system in its 2024 session.
Jim DeFede interviews State Representative Danny Perez, whose district includes portions of Miami-Dade County. Perez, a Republican, will be the next Speaker of the Florida House.
Jim DeFede goes one-on-one with the president of the Miami-Dade Education Coalition, a group trying to replace the teachers union in Miami-Dade County.
Jim DeFede goes one-on-one with Nikki Fried, the chairman of the Florida Democratic Party.
Jim DeFede goes one-on-one with former Florida Surgeon General Scott Rivkees, who was removed during the COVID crisis by Gov. Ron DeSantis.
Most healthy men produce sufficient testosterone as they age. Yet online ads and telehealth sites are promoting testosterone drugs with flawed promises of boosting libido and busting stomach fat.
Infections of the highly contagious measles virus have been reported in 17 states in the first three months of 2024.
Retailer has received dozens of complaints of the air fryers overheating, melting or shattering, including six that caught fire.
Measles outbreaks are on the rise in the U.S. and around the world.
A Florida man with worsening migraines was found to have parasitic tapeworm larvae in his brain, according to a report published this month in the American Journal of Case Reports.
NCAA March Madness 2024 starts now. Here's how (and what time) to watch and stream the Selection Sunday show live.
Score all the information you need to watch the 2024 NCAA college basketball tournament and fill out your bracket.
Save hundreds on stick vacuums from brands like Dyson, Shark, Bissell, and more for a squeaky clean home.
Get personal this Easter with the best customizable Easter baskets for family and friends.
Amazon is offering all its customers -- not just Prime members -- huge deals on home goods and more this spring.
Has mom and dad's bank been open too long at your house?
One consumer reported suffering a dental injury after eating Trader Joe's Chicken, Lentil & Caramelized Onion Pilaf product.
The company will keep its name and headquarters in Pittsburgh, but the United Steelworkers union voiced opposition to the deal.
For customers of SmileDirectClub, they were greeted with a message that they had shut down when logging on to its website.
CBP officials say the individually wrapped pink packages have an estimated resale value of more than $19,000.
Celine Dion said in her post that March 15 was International Stiff-Person Syndrome Awareness Day.
Neil Young voluntarily removed his music from Spotify in 2022 after Joe Rogan, whose podcast was exclusively on Spotify, had a controversial infectious disease expert on as a guest during the COVID-19 pandemic.
This year's theme is "Spaceadventure" featuring out of this world performances, food, and of course, rides
Actor Olivia Munn said on social media she's had four surgeries in the last 10 months, including a double mastectomy, since being diagnosed with breast cancer.
The beloved race around the world features thirteen new teams competing for a $1 million grand prize.