Feds borrowed $4 billion per day in 2022, totaling $10K per household
Federal debt soared by $1.4 trillion in 2022 as President Joe Biden and Congress approved multiple new spending packages.
Dems reject matched spending cuts, setting up showdown with House Republicans over debt ceiling
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.”
House Speaker fight foreshadows larger debt ceiling battle on the horizon for GOP
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 re…
US Interest Payments to Cost More Than Entire Defense Budget, $31 Trillion Debt Points to ‘Very Precarious Future’
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 sti…
Household wealth dropped by $13.5 trillion from January to September, second-worst destruction on record
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.
Biden extends student loan repayment pause as debt cancellation placed on hold amid legal challenge
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.
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