The Norman Transcript

Nation/World

October 16, 2013

House shutdown plan fails

WASHINGTON — Time growing desperately short, Senate leaders took command of efforts to avert a Treasury default and end the partial government shutdown Tuesday night after a last big attempt by House Republicans abruptly collapsed.

Aides to both Senate Majority Leader Harry Reid and the Republican leader, Mitch McConnell, expressed revived optimism about chances for a swift agreement — by today at the latest — that could pass both houses. Their efforts toward a bipartisan resolution had seemed likely to bear fruit a day earlier before House conservative were given a last-minute chance for their version.

As hours ticked down toward Thursday’s Treasury deadline, the likeliest compromise included renewed authority for the Treasury to borrow through early February and the government to reopen at least until mid-January.

While a day of secret meetings and frenzied maneuvering unfolded in all corners of the Capitol, Sen. Barbara Mikulski, D-Md., stood on the Senate floor at midafternoon and declared, “We are 33 hours away from becoming a deadbeat nation, not paying its bills to its own people and other creditors.”

In New York, the stock market dropped and the Fitch rating agency warned that it was reviewing the government’s AAA credit rating for a possible downgrade, though no action was near. The firm, one of the three leading U.S. credit-ratings agencies, said that “the political brinkmanship and reduced financing flexibility could increase the risk of a U.S. default.”

According to Treasury Secretary Jacob Lew, unless Congress acts by Thursday, the government will lose its ability to borrow and will be required to meet its obligations relying only on cash on hand and incoming tax receipts. President Barack Obama and numerous other officials in government and finance have warned of severe economic consequences if federal obligations come due that can’t be paid.

Text Only | Photo Reprints
Nation/World
  • Festivities, tight security before race

    BOSTON — In many ways, it felt like any other pre-marathon Sunday in Boston....

    April 21, 2014

  • Boston race makes room for those affected by bombs

    BOSTON — “I need to run.” The messages started arriving just hours after the bombings, pleading for an entry into the 2014 Boston Marathon. For months the calls and emails continued, runners begging for an opportunity to cross the finish ...

    April 21, 2014

  • Documents detail another delayed GM recall for failed power steering

    DETROIT — General Motors waited years to recall nearly 335,000 Saturn Ions for power steering failures despite getting thousands of consumer complaints and more than 30,000 warranty repair claims, according to government documents released ...

    April 20, 2014

  • Landslide devouring part of Wyoming town

    JACKSON, Wyo. — A slow-motion disaster continued unfolding in the Wyoming resort town of Jackson on Saturday, as a creeping landslide that split a hillside home threatened to swallow up more houses and businesses. The ground beneath the ...

    April 20, 2014

  • Questions about missing Malaysian plane answered

    Travelers at Asian airports have asked questions about the March 8 disappearance of Malaysia Airlines Flight 370 while en route from Kuala Lumpur to Beijing. Here are some of them, followed by answers. Samuel Rogers is a 20-year-old ...

    April 20, 2014

  • NASA’s space station Robonaut finally getting legs

    CAPE CANAVERAL, Fla. — Robonaut, the first out-of-this-world humanoid, is finally getting its space legs....

    April 20, 2014

  • Hostage French journalists in Syria freed

    PARIS — Four French journalists held hostage in Syria for 10 months have been released, officials said Saturday, the latest batch of reporters to be freed in what has become the world’s deadliest conflict for the media....

    April 20, 2014

  • 13th body found in Everest avalanche

    KATMANDU, Nepal — Search teams recovered a 13th body Saturday from the snow and ice covering a dangerous climbing pass on Mount Everest, where an avalanche a day earlier swept over a group of Sherpa guides Another three guides remained ...

    April 20, 2014

  • Autopsy to ID dead boy; body cast off side of road

    WORCESTER, Mass. — All Massachusetts authorities could say for sure is that they found the lifeless body of a small boy, apparently cast off the side of a highway....

    April 20, 2014

  • Study: Half of jailed youths have injury

    NEW YORK — About half of all 16- to 18-year-olds coming into New York City’s jails say they had a traumatic brain injury before being incarcerated, most caused by assaults, according to a new study that’s the latest in a growing body of ...

    April 19, 2014