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Department Of The Treasury
Latest Department Of The Treasury Items
Conservatives in the House sabotaged Speaker John A. Boehner's plan Tuesday to dent Obamacare while reopening the government and raising the debt ceiling, leaving senators scrambling to kick-start their own deal before Thursday's deadline for a potential default.
The Fitch credit rating agency has warned that it is reviewing the U.S. government's AAA credit rating for a possible downgrade, citing Thursday's looming deadline to increase the nation's borrowing limit.
One of Wall Street's leading credit-rating firms Tuesday afternoon warned that it may downgrade the U.S. credit rating from AAA as a result of the congressional impasse that could force the Treasury Department to hit its borrowing limit on Thursday and could lead to a first-ever default on Treasury securities within days after that.
House Republicans on Tuesday narrowed their attack on Obamacare to the issue of fairness, insisting that President Obama and his top political appointees all have to buy their insurance through the Affordable Care Act's exchanges as part of a new bill to end the government shutdown and extend the federal debt ceiling.
Senate leaders explored the outlines of a deal Monday that would end the two-week-old government shutdown and give the Treasury Department enough borrowing room to stave off a potential default this month, but all sides cautioned that the specifics are all still up for negotiation.
Congress spent the weekend insisting that it will reach a deal to raise the federal government's borrowing limit by Thursday but making scant progress even as all sides tried to reassure itchy financial markets ahead of the stock market opening Monday.
President Obama says it would be folly for the White House to negotiate with Congress over the government's debt — but the nation's founders thought differently.
Treasury Secretary Jacob Lew refused to tell Congress on Thursday how he would prioritize spending obligations in the event the Treasury Department hits the $16.7 trillion debt limit, saying that he doesn't know what the legal framework would be for making those decisions.
President Obama likes to say that raising the nation's borrowing limit "won't add a dime" to the federal debt, but he neglects to mention that the government already has borrowed the equivalent of more than 60 trillion dimes since he took office.