US banks buoy reserves as credit card debt hits $1.02 trillion record
Sure, a record $1.02 trillion in U.S. credit card debt gives banks the chance to earn higher interest.
debt
GOP scrambles for plan B tax increase after floor drama over Senate tax bill
Senate Republicans are considering a tax increase as a plan B to raise revenue to get their party’s deficit hawks to support their tax bill, Republican Whip John Cornyn said Thursday evening, as the ‘debt trigger’ idea the party had been working on ran afoul of Senate rules.
Senate tax plan would cost $1 trillion over 10 years factoring in growth: Study
The Senate GOP’s tax-cut plan would result in modest economic growth in the coming decade that would shave about $400 billion off its $1.4 trillion price tag, according to a report from congressional scorekeepers released Thursday.
Senate leaders eye changes to tax bill to win over GOP holdouts
Senate Republicans negotiated changes to their tax reform legislation Monday, with leadership working to alter the bill to win the support of their conference members and then quickly pass it later this week.
U.S. household debt hit record $13T last quarter
Household debt in the United States reached a record $13 trillion in the third quarter, and rose for the 13th consecutive quarter, officials said Tuesday..
EU readies sanctions on Venezuela, approves arms embargo
European Union foreign ministers approved economic sanctions, including an arms embargo, on Venezuela on Monday, saying regional elections last month marred by reported irregularities had deepened the country’s crisis.
Brazile says she found DNC deep in debt from Obama, controlled by Clinton a year before nomination
Former Democratic National Committee Chairwoman Donna Brazile says President Obama decimated the party’s finances to win re-election in 2012 and that Hillary Clinton’s campaign took control of the DNC long before she defeated Sen. Bernard Sanders for the party’s presidential nomination last year.
Inside Hillary Clinton’s Secret Takeover of the DNC
Before I called Bernie Sanders, I lit a candle in my living room and put on some gospel music. I wanted to center myself for what I knew would be an emotional phone call.
Trump asks Congress for $4.9-billion loan to Puerto Rico
U.S. President Donald Trump asked Congress on Tuesday for a loan of $4.9 billion to help the cash-strapped Puerto Rican government pay urgent bills as the U.S. territory struggles to recover from Hurricane Maria, an administration official said.
House Passes Budget That Achieves Balance, Increases GDP Growth, and Reforms Tax Code
The House of Representatives passed the Building A Better America 2018 budget in a 219 to 206 vote.
Puerto Rico’s $70 billion debt will have to be wiped out, Trump says
President Trump has called for Puerto Rico to have its crippling debt forgiven and said it’s tough luck for the Wall Street holders of the debt.
National debt hits $20 trillion for first time in history
The national debt exceeded $20 trillion for the first time ever on Friday, the same day President Trump signed a bill into law that suspended the debt ceiling and allowed unlimited federal borrowing.
Trump’s debt deal was better than Paul Ryan’s, many Republicans admit
President Trump shocked and angered Republicans on Wednesday by agreeing with Democrats on a bill to suspend the debt ceiling for three months, but by Thursday, Republican lawmakers and aides were acknowledging that Trump’s plan was better for Republicans than the plan put forward by House Speaker Paul Ryan, R-Wis.
Trump shuns Republican leaders to cut debt deal with Schumer, Pelosi
President Trump and Democratic leaders on Wednesday did what Washington does best: striking a bipartisan deal to boost borrowing and spending, keeping the government running into the next fiscal year and speeding disaster relief to Texas and Florida.
Congress Faces a Tense Agenda, With Little Margin for Error
Congress returns Tuesday from its summer break and, in a test of the uneasy alliance between President Donald Trump and Senate Republicans, will have to grapple with keeping the federal government open, paying U.S. creditors and passing a hurricane-aid bill.
Debt ceiling lifted, and the same day, debt jumps $339B
The U.S. national debt jumped $339 billion on Monday, the same day President Obama signed into law legislation suspending the debt ceiling.
Republicans, Obama Agree on Debt Extension Until 2017
President Barack Obama and top lawmakers from both parties reached a tentative budget agreement that would avert a U.S. debt default and reduce chances of a government shutdown, easing years of political friction over fiscal policy in Washington.
Trump rolls out proposal to simplify tax code, cut taxes for millions
Presidential hopeful Donald Trump said he would lower tax rates and slim the federal tax code, cutting millions of people out of any income tax liability at all as he unveiled his plan Monday, joining a growing list of Republicans pushing for a scaled-down, simpler system.
Greek Banks And Stock Exchange In Shutdown
Banks in Greece and the country’s stock exchange will be shut all week in a sign of the deepening financial crisis.
Federal Student Loan Debt Up 517% in 5 Years
Since President Barack Obama took office in January 2009, the outstanding balance on federal direct student loans has gone from $119 billion in 2009 to a staggering $739 billion, or an increase of 517.4 percent.