national debt

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Debt Deal: True Market Relief, or a 'Short-Lived Sugar High'?

As agreement on raising debt ceiling heads to Congress, varying thoughts on what comes next

(Newser) - An agreement has been reached , at least in principle, by President Biden and House Speaker Kevin McCarthy on raising the nation's debt limit, and now the final OK is in Congress' hands. Both progressive Democrats and ultra-conservatives are already pushing back on the deal , and if Biden and McCarthy...

The Picture Being Painted by Key Debt-Ceiling Players

Words 'confident' and 'optimistic' are getting used, but there's a ways to go

(Newser) - As the clock ticks down to June 1, the president and congressional leaders continue to sound off about the likelihood of striking a deal on raising the debt ceiling. President Biden held a second Oval Office meeting with House and Senate leaders Kevin McCarthy, Hakeem Jeffries, Chuck Schumer, and Mitch...

Poll: If US Defaults, Neither Side Avoids Blame

Americans evenly split on whether Biden or Republicans are at fault

(Newser) - Based on a new ABC News/Washington Post poll, Americans are divided on which political party would be to blame if the federal government defaulted on its debts, reports Politico . A slight plurality of respondents—39%—would hold congressional Republicans responsible. However, the Biden administration didn't get off unscathed, as...

National Debt Hits Record $31T
National Debt Hits Record $31T

National Debt Hits Record $31T

Higher interest rates could cost country another $1T

(Newser) - The gross US national debt, which topped $30 trillion for the first time earlier this year, has now risen to more than $31 trillion, according to a Treasury Department report released Tuesday. The disclosure comes at what the New York Times calls an "inopportune time"—interest rates are...

National Debt Tops $30T for First Time

Economists aren't in agreement on how big of a deal that is

(Newser) - For the first time ever, the US' gross national debt went above $30 trillion Tuesday. That's up about $7 trillion since the end of 2019, CNN reports. The New York Times calls the milestone an "ominous" warning about America's long-term economic outlook, and notes that it was...

Schumer on Debt Ceiling Raise: Americans 'Can Breathe Easy'

Congress passes $2.5T increase, avoiding default through at least early 2023; most of GOP opposes

(Newser) - President Biden has a new bill on his desk to sign. The legislation provides for a $2.5 trillion increase in the debt ceiling, bringing that number to $31.4 trillion and avoiding a first-ever federal default right at the Wednesday deadline warned of by Treasury Secretary Janet Yellen, reports...

Federal Government's Interest Costs Set to Triple in 10 Years

US may soon be shoveling out more to pay for interest on debt than on Medicaid, military

(Newser) - If, in the year 2028, the US needs to fix a bridge or combat a potential recession, Uncle Sam might have to dig around in the Treasury Department's couch cushions. That's because the US is on track to need much more money to pay off interest on its...

Federal Debt Soars Past $20 Trillion
Federal Debt Soars Past $20T

Federal Debt Soars Past $20T

Fiscal conservatives are appalled

(Newser) - In a very unwelcome milestone for fiscal conservatives, the federal debt soared past $20 trillion for the first time last week, according to the latest Treasury figures. An increase after President Trump's deal with Democrats to lift the debt ceiling by $318 billion leaves America $20.16 trillion in...

Mystery Donor Pays Off $2.2M of National Debt

Record donation will cover the interest for a couple of minutes

(Newser) - A public-minded mystery donor paid off a lot more than their share of the national debt with a record $2.2 million donation in September. Treasury officials haven't released any details on the source of the donation, which brought public contributions toward the debt to a total of almost...

National Debt Grows by Record-Setting Amount

It's the biggest rise ever in a single day

(Newser) - Anyone who happened to stumble across the running tally of the national debt via the Treasury Department website would have found a familiar number for much of this year: $18.1 trillion. With that as the upper limit imposed by Congress, the Treasury had to use "extraordinary" accounting measures...

Shutdown Actually Costing Us More

 Shutdown Actually 
 Costing Us More 

Shutdown Actually Costing Us More

'New York Times' editorial points out the hidden costs of not running government

(Newser) - You might assume that the government shutdown is at least saving money and shrinking the deficit. But you'd be wrong. "The shutdown will actually be very expensive and will wind up costing the taxpayers and the economy far more than the regular operations of government," the New ...

Economist Presents Scary US Debt Number: $70T

James Hamilton: That's the 2012 total of off-balance-sheet federal liabilities

(Newser) - If you're worried about our country's fiscal health, you may want to stop reading. A UC San Diego economics professor sees a problem area we're overlooking: "the growth of federal liabilities that are not included in the officially reported numbers." James Hamilton did the math,...

Dear DC: 7.6% Unemployment Is Not OK
Dear DC: 7.6% Unemployment Is Not OK

Dear DC: 7.6% Unemployment Is Not OK

Paul Krugman thinks everyone's dropping the ball on employment

(Newser) - Once upon a time, back before the financial crisis, Americans had certain expectations for their economy. "Normal, back then, meant an economy adding a million or more jobs a year," and an unemployment rate "not much above 5%," recalls Paul Krugman at the New York Times...

Treasury Pays Down Debt for First Time Since Dubya

Taxes, cuts give Treasury unexpected $35B

(Newser) - Spending cuts and tax hikes have boosted the federal government's finances enough to actually pay off some debt for the first time since George W. Bush was president. The Treasury Department, which predicted earlier this year that it would end the second quarter another $103 billion deeper in debt,...

Like Saddam's WMDs, We Still Manufacture 'Mainstream'

Paul Krugman thinks we haven't learned to examine 'mainstream' consensus

(Newser) - It's the 10th anniversary of the Iraq war, a disastrous war fought on false pretenses. "So did our political elite and our news media learn from this experience? It sure doesn’t look like it," Paul Krugman writes in the New York Times . The real trick of...

Palin: Feds Fear Unrest, Are 'Stockpiling Bullets'

'We're finished,' says ex-governor

(Newser) - An "economic Armageddon" is coming, Sarah Palin says—but it's not the sequester she's referring to. "If we are going to wet our proverbial pants over 0.3% in annual spending cuts when we’re running up trillion-dollar annual deficits, then we're done. Put a...

As DNC Starts, Debt Clock to Break $16T

And another dubious record is out today...

(Newser) - A couple milestones will probably be hit as the Democratic National Convention kicks off in North Carolina—and not good ones. The Treasury Department's official national debt clock is currently sitting at $15.99 trillion, meaning it should click over to $16 trillion today, Fox News reports. We're...

Just One RNC Event Today: Start National Debt Clock

Clock will be unveiled at brief session

(Newser) - Hurricane Isaac has winnowed today's Republican National Convention events to just one: a short pro forma session in which RNC Chairman Reince Priebus will unveil a "national debt clock." The clock will start ticking at 2pm, bearing a figure somewhere north of $15.9 trillion, above the...

Romney Blames Obama for 'Prairie Fire of Debt'

He makes the economy issue No. 1 in Iowa

(Newser) - If the general election has effectively begun, it looks like the economy will indeed be topics a, b, and, c. After the Obama camp went after Mitt Romney for his days as at Bain Capital, Romney struck back today with a forceful attack on the president's handling of the...

Boehner Kicks Off New Fight Over Debt

He won't agree to raising ceiling without spending cuts to offset

(Newser) - Remember the nasty fight in DC last summer over the national debt ceiling? Get ready for round two this fall. John Boehner launched the first volley today, demanding at a fiscal summit that any increase in the ceiling be offset by spending cuts, reports the Hill . "When the time...

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