The International Monetary Fund has warned that the US and China should each ensure they start borrowing less as their respective debt levels may have a “profound” effect on interest rates paid by other countries and on the economy worldwide, the Wall Street Journal reports.
A handful of hard-right Republican lawmakers said on Monday they would oppose a deal to raise the United States’ $31.4 trillion debt ceiling, in a sign that the bipartisan agreement could face a rocky path through Congress before the U.S. runs out of money next week.
President Biden is under pressure to negotiate with congressional Republicans over the debt limit as House Speaker Kevin McCarthy and Senate Republican Leader Mitch McConnell align on spending reforms in exchange for a debt limit increase.
Americans are relying on credit cards more than ever. But as prices remain stubbornly high, they’re also having trouble making payments on time.
A group of two dozen Senate Republicans have signed a letter vowing to oppose any increase in the nation’s debt limit unless Congress agrees to spending cuts to help pay down the national debt.
The United States reached its debt ceiling of $31.38 trillion on Thursday, forcing the Treasury Department to implement “extraordinary measures” to avoid defaulting on bonds.
Federal debt soared by $1.4 trillion in 2022 as President Joe Biden and Congress approved multiple new spending packages.
It’s that time again: Congress has less than one week to hammer out an agreement to raise the debt limit before the U.S. Treasury Department must take “extraordinary measures.”
The gridlock that paralyzed House Republicans over the past week in their quest to elect a new Speaker could be a foretaste of more to come, with party moderates and conservatives set to tangle in the months to come over raising the debt ceiling and reining in reckless government spending.
The Federal Reserve announced on Wednesday it’s raising interest rates by another half point in an effort to stifle America’s crushing inflation problem. While this is smaller than the three quarter-point hikes from the past four Fed meetings, it’s still double the customary quarter-point raise.
American households lost about $6.8 trillion in wealth over the first three quarters of 2022 as the stock market shed more than 25% of its value, the Federal Reserve reported Friday in the government’s quarterly financial accounts.
President Joe Biden announced on Tuesday the extension of the pause on federal student loan payments as the courts determine the legality of his student loan cancellation plan.
Americans are running up credit card debt at historic levels as they struggle with soaring inflation.
A federal judge in Texas has struck down President Joe Biden’s student debt relief plan to forgive up to $20,000 in federal loans held by tens of millions of borrowers, calling it unconstitutional.
Interest on federal debt is set to skyrocket, potentially surpassing defense spending by as early as 2025, CNN reported Tuesday.
The monthly federal budget deficit was up 562 percent from September of last year, according to Treasury Department figures released Friday, mainly due to President Joe Biden’s student debt forgiveness plan.
Britain’s embattled Prime Minister Liz Truss fired her Finance Minister Kwasi Kwarteng on Friday and deleted parts of their economic package in a desperate bid to stay in power and reassure markets after financial turmoil.
If Republicans win control of the U.S. House of Representatives in November’s midterm elections, they expect to use a powerful and potentially dangerous tool as leverage in their dealings with Democratic President Joe Biden: The federal debt ceiling.
The U.S. national debt has passed $31 trillion for the first time in history.
Six Republican-led states are suing the Biden administration for allegedly overstepping executive powers related to President Joe Biden’s student loan forgiveness plan.