The Treasury Department had warned that the country would start running short of cash on Monday, which would have sent shockwaves through the U.S. and global economies.
The compromise package leaves neither Republicans nor Democrats fully pleased with the outcome. But the result, after weeks of hard-fought budget negotiations, shelves the volatile debt ceiling issue that risked upending the U.S. and global economy until 2025 after the next presidential election.
President Joe Biden and House Speaker Kevin McCarthy have been working the phones in an intense push to sell Congress on the 99-page bill that would suspend the nation's debt limit through 2025 to avoid a federal default while limiting government spending.
The White House and House Republicans are working to reach a budget compromise before June 1, when Treasury Secretary Janet Yellen has said the country could run out of cash to pay the nation’s bills. A debt default would be potentially devastating for the U.S. and global economy.
The Biden administration is racing to strike a deal with Republicans as the nation careens toward a potentially catastrophic debt default if the government fails to increase the borrowing limit, now at $31 trillion, to keep paying the nation’s bills.
Dubbed the ALL INside initiative, officials with the U.S. Interagency Council on Homelessness, which is made up of 19 federal agencies, vowed to work for two years to get unsheltered people into homes by identifying new funding and bringing together philanthropic and nonprofit groups.
The 134-year-old refinery, located between Hammond, Indiana, and Chicago, is the biggest in the U.S. Midwest and sixth largest nationally. It processes about 440,000 barrels of crude oil daily, making a variety of liquid fuels and asphalt.
Crucial debt ceiling negotiations are still far from success, but a deal is possible by the end of the week, Republican House Speaker Kevin McCarthy said after a brief meeting Tuesday with President Joe Biden and other congressional leaders.
But US authorities saw a 50% drop in the number of migrant encounters along the border over the previous two days compared to earlier in the week — before Title 42 ended. The situation at the border is “very fluid,” a senior Homeland Security official told reporters Monday.
Prices increased 0.4% from March to April, the government said Wednesday, up from a 0.1% rise from February to March. Compared with a year earlier, prices climbed 4.9%, down slightly from March’s year-over-year increase.
The compensation would be in addition to ticket refunds when the airline is at fault for a flight being canceled or significantly delayed. It would give consumers in the United States protections similar to those in the European Union.
Anne Caprara, Pritzker’s chief of staff and former campaign manager, who hired Quentin Fulks as her 2018 deputy, described him as a “soft-spoken” but skilled operative who understands Democrats’ uneasy coalitions
The announcement, in a three-minute video, comes on the four-year anniversary of when Biden declared for the White House in 2019, promising to heal the “soul of the nation” amid the turbulent presidency of Donald Trump — a goal that has remained elusive.
In Chicago, a former teacher’s union organizer unexpectedly won the mayor’s race. In St. Louis, progressives secured a majority on the municipal board. The next opportunities could lie in Philadelphia and Houston, which also hold mayoral elections this year.
The victory was a coup for Gov. J.B. Pritzker, who urged national Democrats to pick Chicago, even though Illinois has not been a true swing state for more than a generation.
Top lawmakers, including Sen. Mark Warner, D-Va., chairman of the Senate Intelligence Committee, had for months been asking the Justice Department to provide access to the documents — or at least an assessment of what was in them — so that Congress could gauge the potential national security harm.