Yellen: U.S. default would be a "catastrophe"
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."
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."
Legal experts have been pushing for creative solutions to do away with the problem of the debt ceiling altogether. One is to rely on the 14th Amendment of the Constitution. Jeff Stein, White House economics reporter for the Washington Post, breaks down the proposed approach.
President Biden will meet with the top four members of Congress again on Friday after he and the lawmakers appeared to make little progress on the debt ceiling Tuesday. CBS News senior White House and political correspondent Ed O'Keefe joins Errol Barnett and Lana Zak to discuss on the latest the ongoing debt limit battle.
"No one should assume that the Fed can… really protect the economy and the financial system, and our reputation globally, from the damage such an event might inflict," Federal Reserve Chairman Jerome Powell said.
President Biden and the top congressional leaders are planning to meet again on Friday after their meeting on the debt ceiling Tuesday ended with no clear path forward. CBS News senior White House and political correspondent Ed O'Keefe joins "CBS News Mornings" with more on what the next steps are.
No deal was reached Tuesday during a White House meeting with congressional leaders about raising the debt ceiling. House Speaker Kevin McCarthy said staff members representing them will continue to talk, and all five leaders will meet again. Ed O'Keefe reports from the White House.
In the debt ceiling negotiations, President Biden and congressional leaders are puzzling over a set of probabilities. John Dickerson examines how presidents ultimately land on an outcome.
President Biden met with top congressional leaders Tuesday, trying to prevent the economic chaos a default would cause if an agreement isn't reached on the debt ceiling. After the meeting, the president pointed out how far apart the two sides are. CBS News chief White House correspondent Nancy Cordes reports.
President Biden hosted top congressional leaders at the White House Tuesday afternoon to discuss the debt ceiling standoff. Mark Zandi, chief economist for Moody's Analytics, joins with a look at where talks could go in the coming weeks.
President Biden is meeting with top congressional leaders at the White House about the debt ceiling. CBS News senior White House correspondent Weijia Jiang and CBS News congressional correspondent Scott MacFarlane join with the latest from D.C.
House Speaker Kevin McCarthy and the other congressional leaders are meeting with President Biden Tuesday to discuss the debt ceiling as the U.S. risks possibly defaulting in a matter of weeks. CBS News senior White House correspondent Weijia Jiang joins Errol Barnett and Lana Zak to discuss what to expect from the meeting.
A union representing federal employees is calling the law governing the debt limit unconstitutional in a new lawsuit.
President Biden is meeting with House Speaker Kevin McCarthy, House Minority Leader Hakeem Jeffries, Senate Majority Leader Chuck Schumer and Senate Minority Leader Mitch McConnell to discuss the debt ceiling amid warnings of possible default. CBS News senior White House and political correspondent Ed O'Keefe joins Errol Barnett and Lana Zak to discuss what to expect from the talks.
Congressional leaders are set to meet with President Biden on Tuesday at the White House to discuss raising the debt limit. Ed O'Keefe joins "CBS News Mornings" with more on the key points that have been preventing an agreement from being reached.
President Biden will meet with House and Senate leaders on both sides of the aisle Tuesday to discuss raising the debt limit. A new analysis from the Bipartisan Policy Center says that the country could default as soon as June. CBS News reporter Sarah Ewall-Wice has more.
President Biden will meet with congressional leaders from both parties to discuss the debt ceiling. It comes as the U.S. Treasury Department says the nation could run out of money to pay its debt by as early as June 1. The Republican-controlled House last week passed a plan that would only raise the debt limit by making vast cuts to the U.S. budget. Ed O'Keefe reports from the White House.
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.
President Biden will sit down Tuesday with congressional leaders from both parties as time runs out to raise the nation's debt ceiling. CBS News congressional correspondent Scott MacFarlane joins with a preview ahead of Tuesday's talks.
President Biden will sit down with congressional leaders about the debt ceiling Tuesday just weeks before a possible default, days after the 202nd mass shooting of the year and amid an immigration surge at the U.S.-Mexico border. CBS News Radio White House correspondent Steven Portnoy and CBS News congressional correspondent Scott MacFarlane join with the latest.
Biden to meet with lawmakers over debt standoff; White House prepares for end of Title 42 border policy.
As the clock ticks on reaching a deal in Washington, Wall Street firms are advising clients to take evasive action.
Sen. Bill Cassidy joins "CBS Mornings" to discuss the steps Congress can take to prevent more mass shootings.
Treasury Secretary Janet Yellen said last week that the U.S. could default on its debt obligations as soon as June 1. House Financial Services Committee chair Rep. Patrick McHenry says Republicans have no "red lines" in negotiations, "other than that we have to address our fiscal house at a time when federal spending is up more than 40% from pre-COVID levels."
Congressional leaders are expected to meet with President Biden next week to discuss the debt ceiling as the national default deadline quickly approaches. CBS News congressional correspondent Nikole Killion joins "Weekender" with a look ahead.
Whelan, who was arrested in Russia in 2018, got little sleep and used secret cellphones to communicate with prisoners sent to the frontlines in Ukraine.
The documents, which are marked top secret, were posted to the Telegram messaging app.
Israel has been carrying out a large-scale operation in northern Gaza for the last two weeks, saying Hamas has regrouped there.
Georgia authorities announced Sunday an investigation has been opened into the "catastrophic failure" of the dock gangway.
The cold open skit marked Baldwin's return to the comedy sketch show after the "Rust" involuntary manslaughter case was dismissed in July 2024.
Oscar, which the National Hurricane Center characterized as "very small," is the 15th named storm of the hurricane season.
Stanford University says the psychologist behind the controversial "Stanford Prison Experiment" has died.
After spending years behind bars for crimes they didn't commit, some men and women who have been wrongfully convicted have received their freedom. But as Erin Moriarty points out, for many, justice falls short.
A group of about 2,000 migrants left Mexico's southern border Sunday in hopes of ultimately reaching the United States.
On this "Face the Nation with Margaret Brennan" broadcast, Sen. Raphael Warnock and Paul Whelan join Margaret Brennan.
Michigan Secretary of State Jocelyn Benson warned Sunday of efforts by bad actors to "hack voters' minds" to spread misinformation ahead of Election Day.
Whelan, who was arrested in Russia in 2018, got little sleep and used secret cellphones to communicate with prisoners sent to the frontlines in Ukraine.
After spending years behind bars for crimes they didn't commit, some men and women who have been wrongfully convicted have received their freedom. But as Erin Moriarty points out, for many, justice falls short.
Love them or hate them, pigeons are an iconic animal of New York City. But there is much about these birds that remains a mystery to most, from their intelligence, to their ability to thrive in a concrete jungle, to their suitability as pets.
The International Association of Machinists and Aerospace Workers said early Saturday that it plans to hold a ratification vote on Wednesday that could end the Boeing strike.
Letter deliverers have been working without a contract since May 2023.
The frozen waffles, made by Treehouse Foods, were sold under store brands including Walmart's Great Value and Target's Good and Gather.
Navigating the insurance process after a natural disaster damages your home can be daunting. Here are some key tips.
Donald Trump said he'd appoint a CEO who is 78, his own age. But chief executives of top companies who are his age or older are rare.
On this "Face the Nation with Margaret Brennan" broadcast, Sen. Raphael Warnock and Paul Whelan join Margaret Brennan.
The documents, which are marked top secret, were posted to the Telegram messaging app.
Michigan Secretary of State Jocelyn Benson warned Sunday of efforts by bad actors to "hack voters' minds" to spread misinformation ahead of Election Day.
The following is a transcript of an interview with Rep. Mike Lawler, Republican of New York, on "Face the Nation with Margaret Brennan" that aired on Oct. 20, 2024.
The following is a transcript of an interview with Michigan Secretary of State Jocelyn Benson on "Face the Nation with Margaret Brennan" that aired on Oct. 20, 2024.
Brooklinn Khoury was 20 years old when a family member's pet launched at her face and bit off her upper lip.
"If he's exhausted being on the campaign trail, is he fit to do the job?" Harris asked as Trump refuses to release detailed medical records.
The worst rates of the infection known as "walking pneumonia" or "white lung pneumonia" are in young children ages 2 to 4 years old.
Rwanda says it's gaining control of a Marburg outbreak, but U.S. authorities are taking no chances as another killer virus spreads fast.
Among new mothers in the U.S., 1 in 8 suffer from postpartum depression, according to the CDC.
A group of about 2,000 migrants left Mexico's southern border Sunday in hopes of ultimately reaching the United States.
Colossal Biosciences says it's made a breakthrough toward the de-extinction of the thylacine, or Tasmanian tiger.
The documents, which are marked top secret, were posted to the Telegram messaging app.
Many Cubans are waiting in anguish as electricity on much of the island has yet to be totally restored after days of blackout.
Whelan, who was arrested in Russia in 2018, got little sleep and used secret cellphones to communicate with prisoners sent to the frontlines in Ukraine.
This year, musicians all over the world, from Carnegie Hall to the Hollywood Bowl, are celebrating the 100th birthday of George Gershwin's "Rhapsody in Blue." Correspondent David Pogue looks into the history of Gershwin's first major work, a piece that melded jazz, classical and orchestral music, and became a fixture of American culture.
Like father, like son: Damon Wayans is starring with Damon Wayans Jr. in the new comedy series "Poppa's House" – the latest family affair for a comedian who has built a career working with his talented and hilarious relatives.
Like father, like son: Damon Wayans is starring with Damon Wayans Jr. in the new comedy series "Poppa's House." It's the latest family affair for a comedian who has built a career working with his talented siblings Keenan, Shawn, Marlon and Kim, son Michael, and nephews Damien and Craig. Damon talks with correspondent Tracy Smith about his journey from working in the Paramount Studio mailroom, to creating edgy characters in movies and TV.
Keri Russell, who played a Russian spy in "The Americans," is now on the frontlines of geopolitics in "The Diplomat," playing the U.S. Ambassador to the United Kingdom. Join "Sunday Morning" on the set of the hit Netflix series.
The cold open skit marked Baldwin's return to the comedy sketch show after the "Rust" involuntary manslaughter case was dismissed in July 2024.
Gordon Lubold from The Wall Street Journal joins "CBS Mornings Plus" to discuss the rise in drone activity over restricted U.S. military airspaces.
Dr. Marcus Collins, author of "For the Culture," joins "CBS Mornings Plus" to discuss the influence of social media on voter decision-making. With 19 days left in the race, a CBS News poll reveals more than 20% of voters frequently use social platforms to stay informed.
From labor shortages to environmental impacts, farmers are looking to AI to help revolutionize the agriculture industry. One California startup, Farm-ng, is tapping into the power of AI and robotics to perform a wide range of tasks, including seeding, weeding and harvesting.
Just ahead of the holiday shopping rush, Apple is giving iPad minis their first update in years while Amazon is offering a new line of Kindle e-readers. CNET editor-at-large Scott Stein joined CBS News to discuss the devices.
Two Sudanese brothers are charged with running "Anonymous Sudan," one of the most prolific cyberattack-for-hire gangs of all time.
Colossal Biosciences says it's made a breakthrough toward the de-extinction of the thylacine, or Tasmanian tiger.
The National Oceanic and Atmospheric Administration published its winter outlook for this coming December, January and February. Experts anticipate warmer-than-average temperatures for much of the country. CBS News Sacramento meteorologist Tracy Humphrey joins to discuss.
Hurricanes Helene and Milton caused so much complex havoc that damages totals are likely join the infamous ranks of Katrina, Sandy and Harvey as super costly $50-billion-plus killers, experts say.
On Wednesday, the Supreme Court said it will allow the Environmental Protection Agency to enforce new greenhouse gas emissions limits for power plants. Michael Gerrard, a professor at Columbia Climate School, joins "The Daily Report" to discuss.
White blobs of "a mystery substance" dotting beaches across Canada's far northeast Newfoundland and Labrador province spark an investigation.
Investigators were puzzled when the beaten body of an unidentified woman was found dumped near a Florida highway. The next day, a bloody motel room was discovered. Were the crime scenes connected?
In 1982, Cathy Krauseneck, a young mother, was killed in her bed – an ax lodged in her head. Investigators believe the crime scene was staged to look like a burglary to cover up the real crime – the intentional murder of Cathy by her husband.
Richard Allen stands accused of killing the girls, Abby Williams and Libby German, in 2017.
As the presidential election nears, the issue of crime is weighing on the minds of voters. A CBS News poll taken earlier this year found 63% of voters said crime would be a factor in who they vote for, despite FBI data showing reported violent crime fell in 2023. In Chicago, a group of women is trying to continue to lower crime rates end the cycle of violence in the city.
Disturbing new details and heart-wrenching testimony were given during the first day of the Delphi murders trial. Prosecutors revealed how Abby Williams, 13, and Libby German, 14, were killed on a hiking trail more than seven years ago. Here's what to know about the case.
NASA's solar-powered Europa Clipper took off Monday from the Kennedy Space Center in Florida. The spacecraft is projected to reach Jupiter by April 2030 and will study one of the planet's moons. CBS News space consultant Bill Harwood explains what scientists are hoping to accomplish with the mission.
NASA successfully launched the Europa Clipper spacecraft Monday toward Jupiter where it will monitor a moon for potential habitable qualities. CBS News space consultant Bill Harwood has more on the spacecraft expected to near Jupiter's moon Europa around April 2030.
A multi-billion dollar space mission launching Monday may reveal more about an icy moon circling planet Jupiter. CBS News space consultant Bill Harwood has more.
SpaceX launched its most powerful rocket ever built and then flew its first stage booster back to the launch pad where giant metal arms called "chopsticks" grabbed it, just seven minutes after lifting off in Boca Chica, Texas. The uncrewed test flight is a new milestone in SpaceX's vision of developing a fully reusable rocket to return astronauts to the moon and beyond.
The ambitious mission won't actually look for life on Jupiter's moon Europa, but it should find out if the presumed ocean provides a habitable environment.
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
The seesaw marriage between the former ballerina and her much older husband only lasted four years, until she shot him on Sept. 27, 2020.
A look at the evidence in "The Dexter Killer" case; plus, newly revealed letters from the man police say wanted to be like fictional serial killer Dexter Morgan.
A teenager's murder in Lowell, Massachusetts, goes unsolved for more than 40 years -- were the clues there all along?
The actor, recipient of a lifetime achievement Academy Award, was renowned for such films as "MASH," "Klute," "Don't Look Now," "Ordinary People," and "The Hunger Games."
Paul Whelan, a Marine veteran who was imprisoned in a Russian labor camp for nearly six years until being released after a prisoner swap this summer, tells "Face the Nation with Margaret Brennan" in his first interview since being freed about the first moments he realized he was free.
Watch Margaret Brennan's full interview of Democratic Sen. Raphael Warnock of Georgia, a portion of which aired on Oct. 20, 2024.
Michigan Secretary of State Jocelyn Benson tells "Face the Nation with Margaret Brennan" that there are foreign bad actors who are not only trying to "sow the seeds of distrust, but to diminish citizens' confidence in the process and in their own voices."
As former President Donald Trump has accused his adversaries of being the "enemy from within," Republican Rep. Mike Lawler of New York, who represents a district heavily targeted by Democrats, tells "Face the Nation with Margaret Brennan" that "all of the rhetoric needs to stop."
Georgia Secretary of State Brad Raffensperger tells "Face the Nation with Margaret Brennan" that it will "absolutely not" take seven days for his state to tabulate votes despite recent comments that it would by former President Donald Trump.