As both major parties debate their conditions for raising the nation’s debt ceiling, some Senate Democrats and constitutional scholars are questioning whether the limit is constitutional in the first place… More on this here
WASHINGTON (Reuters) – President Barack Obama is confident Democrats and Republicans can cut a “significant deal” to trim the U.S. deficit and increase its borrowing limit to avoid a damaging default, the White House said on Monday. Despite the White House’s optimism, both Republicans and Democrats showed little willingness to compromise after deficit reduction talks led by Vice President Joe Biden collapsed suddenly on Thursday. With polls showing Americans deeply worried about the sputtering economy, both sides are talking tough in an ideological battle over how best to cut a U.S. deficit that is projected to be $1.4 trillion this year. Republicans say the solution lies in trillions of dollars in spending cuts, while Obama’s fellow Democrats say the deficit cannot be meaningfully reduced without increasing tax revenues, something their opponents reject. Obama, under pressure to forge a budget deal that would pave the way for the $14.3 trillion U.S….
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State attorneys general told five of the nation’s largest banks on Tuesday they face a potential liability of at least $17 billion in civil lawsuits if a settlement isn’t reached to address improper foreclosure practices, according to people familiar with the matter. The figure doesn’t cover additional billions of dollars in potential claims from federal agencies such as the Department of Housing and Urban Development and the Justice Department. State and federal officials haven’t proposed a specific comprehensive settlement figure, but Tuesday’s discussions represented the first effort to formally quantify potential liability. Representatives of the nation’s largest banks met in individual meetings on Tuesday with state and federal officials designed to highlight the potential costs they will face if a settlement isn’t reached. Source
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