IMF: China and US Levels of Borrowing May Have “Profound” Effect on Global Economy
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.
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Republicans speak out against US debt-ceiling deal, in sign of rocky road ahead
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.
Biden under pressure as McCarthy, McConnell align on spending reforms tied to debt limit increase
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.
US credit card debt hit a record high as inflation leaves consumers financially stressed
Americans are relying on credit cards more than ever. But as prices remain stubbornly high, they’re also having trouble making payments on time.
Senate Republicans vow to oppose debt limit increase unless Congress commits to spending cuts
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.
US hits $31.4 trillion debt ceiling as Treasury announces ‘extraordinary measures’ to avoid default
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.
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