Biden signs debt ceiling deal into law, averting historic default
President Joe Biden signed into law Saturday a bill to suspend the nation's debt limit through January 1, 2025, to avert a first-ever US default.
Watch CBS News
President Joe Biden signed into law Saturday a bill to suspend the nation's debt limit through January 1, 2025, to avert a first-ever US default.
The political fight that jeopardized the government's ability to pay its bills threatened severe economic harm; Robert Rubin warns any future fights over the debt ceiling are risky and irresponsible.
The president spoke less than 24 hours after the Senate approved the agreement in a bipartisan vote.
The legislation now goes to President Biden's desk, pulling the nation back from the brink of a financial crisis.
A majority of Democrats and a majority of Republicans voted in favor of the Fiscal Responsibility Act.
With pandemic aid ending earlier this year, some food-stamp recipients are skipping meals or watering down baby formula.
The House passed the bill to raise the debt ceiling Wednesday. Now, the Senate will take it up.
President Biden and House Speaker Kevin McCarthy huddled yet again as the debt ceiling "X" date nears.
Even a short default could wipe out more than a million jobs, especially in parts of the U.S. that depend on federal spending.
McCarthy said Sunday that he had a "productive" call with Mr. Biden as the president returns from the G-7 conference in Japan.
"It's hard to overstate how bad it would be," one expert said. Everything from Social Security payments to your retirement fund could get hit.
Without a deal, Treasury Secretary Janet Yellen has said the U.S. could be unable to pay its bills and might default on its debt as soon as June 1.
Here's what Republicans and Democrats are demanding regarding the debt ceiling, and the red lines they're drawing.
The treasury secretary also told G-7 finance ministers and central bank chiefs meeting in Japan that a first-ever U.S. default on its debts is "unthinkable."
Republicans and Democrats still appear far apart on raising or suspending the debt ceiling. The five leaders are expected to meet again Friday.
The U.S. may be unable to pay its bills within weeks if Congress does not raise or suspend the debt ceiling.
The treasury secretary moved up her estimate of when the U.S. risks defaulting on its debt.
Here are the options Congress has to avert a first-time U.S. credit default and the severe economic consequences that could follow.
The federal government caps the amount of money it can borrow. But what are the risks if Congress fails to lift the debt limit?
A plan to beautify Buchanan Park in the town of Evergreen is moving forward thanks to new grant funding.
A man died after a crash in Aurora Friday when he allegedly jumped onto a moving SUV.
The Salvation Army provides shelter, meals, and support for families in need in our community every day, but they need help to raise those donations.
CSP troopers won't just be looking for drunk driving; driving while high will get you a ticket too and they have their own methods to detect if you're too high to drive.
Officials called for a rope evacuation at the popular Winter Park Ski Resort today after a component of the gondola failed.
A plan to beautify Buchanan Park in the town of Evergreen is moving forward thanks to new grant funding.
A man died after a crash in Aurora Friday when he allegedly jumped onto a moving SUV.
The Salvation Army provides shelter, meals, and support for families in need in our community every day, but they need help to raise those donations.
CSP troopers won't just be looking for drunk driving; driving while high will get you a ticket too and they have their own methods to detect if you're too high to drive.
Officials called for a rope evacuation at the popular Winter Park Ski Resort today after a component of the gondola failed.
Saturday is the first night of Posadas, a Mexican Christmas tradition where people gather to re-enact the journey of Mary and Joseph to find shelter in Bethlehem.
A man died after a crash in Aurora Friday when he allegedly jumped onto a moving SUV.
The sales tax in Denver is about to rise. Businesses and consumers will have to prepare to pay more for goods going into the New Year.
The mission in Evergreen to try and beautify Buchanan Park, specifically introducing a skate park in this area, is starting to move forward with grant money coming in and a lot of optimism within the town.
The Swope family is putting their grief into action, honoring their daughter's memory by donating to those going through the same medical treatment she did.
The holiday spirit was alive at the annual Boys and Girls Club party where the Denver Nuggets brought joy to local kids. The club says they need more donations to make the season bright.
The Broncos missed out on a shot to end the second longest current playoff drought in the NFL with Thursday night's 34-27 loss to the Chargers.
Denver Broncos rookie running back Audric Estime scored his first career touchdown on Thursday Night Football.
The Charlotte Hornets' mascot appeared to award a fan a video game console, but the device was taken away when the cameras stopped.
The Denver Broncos Week 17 matchup against the Bengals is now scheduled for Dec. 28.
Senators approve a bill to expand Social Security benefits to millions of Americans, with President Biden expected to sign it into law.
The IRS said it's sending out checks worth up to $1,400 to 1 million people. Here's what to know about the "special payments."
Police say the driver is under arrest after plowing into the crowd at a Christmas market in Magdeburg, Germany, killing at least five people - including a 9-year-old - and injuring 200 others.
The Senate confirmed two more judges to the federal bench on Friday, giving President Biden a total of 235 since he took office.
Government watchdog claims Americans lost hundreds of millions to fraud related to the bank-operated mobile payments network.
There will be no criminal charges filed after the online leak of voting machine passwords that happened in the Colorado Secretary of State's Office.
The Senate confirmed two more judges to the federal bench on Friday, giving President Biden a total of 235 since he took office.
Government watchdog claims Americans lost hundreds of millions to fraud related to the bank-operated mobile payments network.
The Biden administration is canceling federal student loans for another 55,000 workers to the tune of $4.28 billion in what's expected to be the last such round before he leaves office.
Biden's most recent climate initiatives are all but certain to be short-lived, mostly thanks to an obscure law that tends to come into play every four years.
Humans aren't alone when it comes to yawning — all vertebrates do it. But why? An expert explains the likely reason behind this "evolutionarily ancient" act.
Skin care is all the rage for teens and tweens these days, but be careful not to give products that could cause more harm than good.
A Chicago man was stuck with a big medical bill after undergoing a colonoscopy that found no evidence of cancer. Here's why.
Some 13 oz. bags of Lay's Classic Potato Chips may contain an undeclared allergen, according to the snack company.
Sleep optimization, or "sleepmaxxing," is a popular trend among a younger demographic, but experts share a few words of caution.
Baristas at the Alameda and Federal location in Denver filed for a union election and on Saturday, baristas from across the Denver area are protesting outside another Starbucks calling for better pay and working conditions.
Senators approve a bill to expand Social Security benefits to millions of Americans, with President Biden expected to sign it into law.
The Holiday Market at Cherry Creek North is made up of dozens of small businesses and makers, and most of them are locally owned.
The IRS said it's sending out checks worth up to $1,400 to 1 million people. Here's what to know about the "special payments."
Government watchdog claims Americans lost hundreds of millions to fraud related to the bank-operated mobile payments network.
With a check in hand, a Coloradan is breathing a sigh of relief.
Some Coloradans are getting caught up in the insurance industry's ongoing efforts to find undisclosed drivers or "hidden drivers" who may be costing the industry lost premiums.
A 31-year-old financial analyst was surprised when his insurance company recently informed him that they were increasing his six month premium by $312 for another driver in his home, who he says does not exist.
The state's budget crisis means Colorado families who fought for access to a critical autism therapy now have more work to do.
Last year, 999 claims were made related to damage caused by the roadway in Colorado and nine were paid out.