WMFD TV

Search Archive WMFD.com News

www.wmfd.com - The ratings agency Fitch warns U.S. bonds may be downgraded in the near future, as lawmakers struggle to come up with a plan to raise the debt ceiling. }}" />

   
 
 
Lawmakers Work To Reach Deal As Debt Ceiling Deadline Looms

Story By: Larry Stine

 

 

 
 
 
  Email Story to Friend
   
  Original Published: 10/16/2013 The ratings agency Fitch warns U.S. bonds may be downgraded in the near future, as lawmakers struggle to come up with a plan to raise the debt ceiling. The federal government is expected to hit its limit on borrowing Thursday and Andrew Spencer reports lawmakers are still trying to work out the details of a potential deal. "We don't have a lot of time, and so what I'm suggesting to the Congressional leaders is let's not do any posturing, let's not try to save face," says President Barack Obama. President Obama hosts a closed-door meeting in the Oval Office, Wednesday, not with Congressional leaders, but with Vice Presidetn Joe Biden and Treasury Secretary Jack Lew. The U.S. Treasury has said it would run out of money to pay the nation's bills Thursday, essentially hitting its credit limit, the debt ceiling set by Congress. Senate leaders signaled they were close to an agreement to raise the debt ceiling and end the government shutdown, but they haven't reached one yet. Earlier Tuesday, a counterproposal from House Republicans was scrapped, as House Speaker John Boehner stuggled to come up with enough votes. Instead, some Republicans expect Boehner to expedite the Senate's plan. "He will have to essentially pass the bill that is negotiated between Senators McConnell and Reid, and I believe that the House would first pass it then send it to the Senate," says Republican Rep. Charlie Dent of Pennsylvania. Some Republicans argue raising the debt ceiling without budget cuts simply kicks the can down the road. In an interview with CNN affiliate, WABC, the president said the compromise will likely have bigger budget cuts than Democrats would prefer. "Because it makes it very difficult for us to invest in things like early childhood education. It makes it difficult for us to invest in rebuilding our roads and bridges, all the things that are necessary to actually build the economy and put people back to work," said President Obama.
   
  MORE RECENT NEWS
 
Image1 Madison School Board approves increase in lunch prices as well as repairs for high school roof. Full Story
Image1 A 5K in our backyard takes place this weekend to benefit a local family. Full Story
 
Image1 Two local universities formalize a long-standing partnership to prepare students for nursing careers. Full Story
Image1 Mansfield firefighters are spending some time around Central Park with boots in their hands. Full Story
  MORE NEWS
 

Mansfield Firefighters Hold Boot Drive For MDA

Former teacher gets probation for sex charges

Mansfield Schools Open For New Year

Armed Robber Hits Park Avenue East Gas Station

Eastview Elementary Parents Club Reports $10,000 Theft

Mansfield man arrested for robbery and abduction

State Patrol Investigating Fatal Crash Near Bellville

Bucyrus Native Rides Bike From Alaska For Reunion

Mansfield man will be sentenced in shooting case

Richland Co. Dog License Fee Increases Next Year

Kidnapping suspects indicted by Richland County Grand Jury

More News