The House passed its federal budget bill Friday on a near party-line vote, but both the Senate and the president are working hard to forge a bipartisan alternative.
With the national debt at 90% of gross domestic product, the US could face a crisis if creditors raise interest rates, experts say.
'Gang of Six' deficit-cutting negotiators in the Senate are mum after rumors of entitlement cuts and tax code reform nearly derailed talks. Still, a short-term budget accord this week did manage to avert a government shutdown.
Former Sen. Christopher Dodd is the new chairman and CEO of the film industry's MPAA, taking a position filled for four decades by the flamboyant Jack Valenti.
Jacob Lew responded Thursday to a report that some senators are working on legislation that would trigger tax hikes and spending cuts if Congress fails to live within spending targets.
The words of Republican and Democratic leadership on Capitol Hill suggest Congress is headed for a government shutdown over budget issues. But several bipartisan groups of rank-and-file senators are seeking to find a solution.
GOP proposals to cut the federal budget range from $100 billion to $500 billion to a symbolic $1.5 trillion. With Democrats wary of stifling the economic recovery, the divide just may be too wide.