The U.S. defaulting on its financial obligations would have catastrophic and worldwide consequences. Some financial experts have even predicted that it could trigger a worldwide downturn equal to the ...

We're on course to spend $1 trillion just on interest payments on the national debt this year, exceeding our spending on our ...

From the White House to Congress, lawmakers are hashing it out on how to solve the nation's massive debt crisis -- and the negotiations, shall we say, are less than pretty. President Obama is set to ...

President-elect Donald Trump said Thursday that Congress should get rid of the debt ceiling, a day after he and Elon Musk came out against a deal reached by congressional lawmakers to fund the ...

WASHINGTON, D.C. — U.S. Treasury Secretary Janet Yellen warned lawmakers Tuesday that Congress must address the looming debt ceiling before mid-October or risk defaulting on the nation's debt. In a ...

Congress’ path to irrelevance as a body of government did not begin during the shutdown. It is the result of decades of erosion that created a political culture in which Congress is relegated to ...

WASHINGTON, D.C. -- The US hit the debt ceiling set by Congress on Thursday, forcing the Treasury Department to start taking extraordinary measures to keep the government open and escalating pressure ...

The national debt is the total that a country owes to its creditors. This includes debt held by the public and intragovernmental debt in the United States.

As Congress considers whether to raise the debt ceiling in the coming weeks, President Obama has had to respond to questions about his own prior votes on the debt limit when he was a United States ...