In a report, the department warns that a default could do damage to the economy to rival the Great Recession.

President Obama held full press conference at the White House Friday before he departed for a family vacation.The President has been recently touting鈥�

Jack Lew, doing the rounds on the Sunday morning political programs, says another partisan spending fight could plunge the country back into economic crisis.

The Center for Media and Democracy says Fix the Debt 鈥� a key unit in philanthropist Pete Peterson's corps of organizations to battle the national debt 鈥� is a well-funded, pro-business enterprise. A Fix the Debt spokesman scoffs at the claim.

President Obama spoke from the White House on the nation's finances and the looming March 1st deadline for the 'sequester.'The President make some鈥�

A March 1 deadline looms. That's when deep, automatic federal spending cuts are set to kick in. The president is asking for a small package that the White House says would give Congress more time to reach a permanent solution to budget problems.

The "No Budget, No Pay" act would withhold lawmakers' pay if they don't pass a new budget by April 15. In exchange, Republicans say, the borrowing limit would be extended into May. That would avoid another battle over raising that borrowing ceiling.

While President Obama raised big issues in his inaugural address 鈥� climate change, gay rights, immigration, the shooting of schoolchildren 鈥� Congress eased back into session Tuesday with other priorities, fighting many of the battles left over from last year.

House Republicans agreed to a short-term increase in the debt limit, but their proposal does a whole lot more than that.

Republicans, who control the House, plan to vote Wednesday on a debt limit extension that's tied to a call on the Senate to pass a budget that includes cuts in spending.