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debt ceiling posts

Bernanke: Failure to Raise Debt Ceiling Could Be 'Catastrophic'

Posted Feb 6th 2011 10:40AM by Joseph Lazzaro (RSS feed)
Filed under: Forecasts, Federal Reserve, Financial Crisis

The past week's data-point-of-consequence for investors was delivered by none other than the head of the world's most powerful central bank. U.S. Federal Reserve Chairman Ben Bernanke underscored the nation's need to raise the debt ceiling.

Speaking at a National Press Club luncheon in Washington Thursday, Bernanke said delays in raising the debt ceiling limit, currently $14.3 trillion, could have "catastrophic" consequences, Reuters reported.

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U.S. Congress likely to pass debt ceiling hike before holiday break

Posted Dec 14th 2009 6:30PM by Joseph Lazzaro (RSS feed)
Filed under: Politics

Congress will likely increase the debt ceiling by $1.8 trillion to roughly $14 trillion, before the year-end holiday recess. The House will act first, followed by the Senate.

Congress has to raise the ceiling or the U.S. government will grind to a halt in a few weeks. There's little chance the majority, led by the Democrats, will face any substantive opposition from the minority, the Republicans. The reason? In 1995-96, the Republican-led Congress picked a fight with President Bill Clinton, D-Arkansas, and temporarily shut down the federal government. The result was a public backlash against the Republican Party.

Continue reading U.S. Congress likely to pass debt ceiling hike before holiday break