Key US economic data raises global concerns
4 months, 4 weeks ago

Key US economic data raises global concerns

China Daily  

An American flag flies outside of the US Capitol dome in Washington, US, Jan 15, 2020. "The high debt level can cause significant problems if economic conditions worsen," Ke Jing, associate research professor at the Shanghai Academy of Social Sciences' Institute of International Relations, said. The US abuse of financial sanctions due to dollar hegemony and the high national debt are eroding the credibility of the dollar, diminishing international investors' confidence, Chen said. "National debt primarily functions as a financial tool rather than being shouldered directly by households, making it less of a focus for US voters," Tian said. Chen said to effectively address the debt problem, the US government could either raise taxes or cut social welfare spending.

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History of this topic

Janet Yellen warns Congress ‘extraordinary measures’ will be needed to stop US hitting debt limit
1 week, 6 days ago

Janet Yellen warns Congress ‘extraordinary measures’ will be needed to stop US hitting debt limit

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Treasury Secretary Janet Yellen said her agency will need to …

Janet Yellen tells Congress US could hit debt limit in mid-January
Trending News
2 weeks ago

Janet Yellen tells Congress US could hit debt limit in mid-January

Associated Press  

WASHINGTON — Treasury Secretary Janet Yellen said her agency will need to start taking “extraordinary measures,” or special accounting maneuvers intended to prevent the nation from hitting the debt ceiling, as early as January 14, in a letter sent to congressional leaders Friday afternoon. “Treasury expects to hit the statutory debt ceiling between January 14 and January 23,” Yellen wrote …

US harvests gains of war economics, dollar hegemony
2 weeks, 2 days ago

US harvests gains of war economics, dollar hegemony

China Daily  

Luo Jie/China Daily The World Economic Outlook report released by the International Monetary Fund in October predicts that the US economy is expected to grow by 2.8 percent in 2024, compared with its projected growth of 0.8 percent for the eurozone and 0.3 percent for Japan. Given the dominant position of the US dollar in the international monetary system, against …

America Needs to Break Its Debt Addiction — Crisis or Not
2 weeks, 5 days ago

America Needs to Break Its Debt Addiction — Crisis or Not

Live Mint  

-- This is the first part of a series of Bloomberg Opinion columns exploring the risks related to the US’s rapidly expanding debt and budget deficit. There are many answers, not least of which is probably the idea that the Fed, which has already crossed the Rubicon and engaged in quantitative easing through its purchases of Treasury and related securities, …

Trump just handed Democrats an 'enticing' policy offer — and they should take it: analyst
3 weeks, 1 day ago

Trump just handed Democrats an 'enticing' policy offer — and they should take it: analyst

Raw Story  

President-elect Donald Trump is demanding as part of the spending package the GOP is trying to force through that the debt ceiling be extended — or possibly abolished altogether, which Democrats have broadly rejected as a ploy to allow new tax breaks for billionaires. But not so fast, columnist Heather Long wrote for The Washington Post — Trump's proposal is …

The rising price of paying the national debt is a risk for Trump’s promises on growth and inflation
1 month, 2 weeks ago

The rising price of paying the national debt is a risk for Trump’s promises on growth and inflation

Associated Press  

WASHINGTON — Donald Trump has big plans for the economy — and a big debt problem that will be a hurdle to delivering on them. Trump has bold ideas on tax cuts, tariffs and other programs, but high interest rates and the price of repaying the federal government’s existing debt could limit what he’s able to do. In his statement …

'Wrong direction': CNN analyst says Trump win is already hitting Americans in the pocket
2 months ago

'Wrong direction': CNN analyst says Trump win is already hitting Americans in the pocket

Raw Story  

President-elect Donald Trump's imminent ascent to the White House is already making it more difficult for Americans to buy homes, an economic analyst says. Home loan interest rates have seen an steep uptick to a 6.8 percent average for 30-year fixed mortgages as the bonds market prepares for Trump's economic policies, CNN business reporter Matt Egan said Thursday. Those plans …

Inflation, debt, default: Donald Trump’s second term poses massive economic challenges
2 months ago

Inflation, debt, default: Donald Trump’s second term poses massive economic challenges

Live Mint  

As Donald Trump begins his second term, several key challenges lie ahead. The growing debt burden has already affected investor confidence, sending U.S. government bond yields higher as market participants worry about the long-term sustainability of U.S. fiscal policy. Previous debt ceiling standoffs have pushed the U.S. close to default, and there is concern that the political divide in Washington …

The alarming increase in global debt
3 months, 3 weeks ago

The alarming increase in global debt

New Indian Express  

Global debt has reached around $313 trillion or 330 percent of world GDP, up from around $210 trillion a decade ago. Since 2000, China’s total debt has nearly tripled to around 288 percent of GDP. As a percentage of total output, government debt in Japan, the US and the UK has reached 252 percent, 127 percent and 106 percent, representing …

Key US economic data raises global concerns
4 months, 4 weeks ago

Key US economic data raises global concerns

China Daily  

An American flag flies outside of the US Capitol dome in Washington, US, Jan 15, 2020. "The high debt level can cause significant problems if economic conditions worsen," Ke Jing, associate research professor at the Shanghai Academy of Social Sciences' Institute of International Relations, said. The US abuse of financial sanctions due to dollar hegemony and the high national debt …

US national debt surpasses 35 trillion USD for first time
5 months, 1 week ago

US national debt surpasses 35 trillion USD for first time

China Daily  

Photo taken on July 29, 2024 shows the US Treasury Building in Washington, D.C., the United States. WASHINGTON - The US federal government's total public debt has surpassed 35 trillion US dollars for the first time, as recorded at the end of last week, according to data released by the Treasury Department Monday. The total public debt outstanding climbed to …

Rising US debt risk bad for its own and global economy
6 months, 1 week ago

Rising US debt risk bad for its own and global economy

China Daily  

A teller counts and arranges dollar notes at an Agricultural Bank of China branch in Qionghai, Hainan province. The International Monetary Fund recently warned that the excessive fiscal deficit and debt scale of the United States are posing a growing risk to its own and the global economy, urging the US to solve this long-standing problem as soon as possible. …

Key GOP economic talking point destroyed by new analysis
6 months, 2 weeks ago

Key GOP economic talking point destroyed by new analysis

Raw Story  

National debt has for decades been a go-to issue Republicans try to use to persuade voters against supporting social programs — an issue that has crept back to the forefront with new reports that annual interest payments serving the national debt now exceed what the U.S. spends on its military. According to the report, former President Donald Trump's contribution to …

Congressional Budget Office raises this year’s federal budget deficit projection by $400 billion
6 months, 3 weeks ago

Congressional Budget Office raises this year’s federal budget deficit projection by $400 billion

Associated Press  

WASHINGTON — The Congressional Budget Office said Tuesday that it projects this year’s federal budget deficit to be $400 billion higher, a 27% increase compared to its original estimate released in February. White House spokeswoman Karine Jean-Pierre, said in a statement that the report “is further evidence of the need for Congress to pass President Biden’s Budget to reduce the …

As US 'debt bomb' spirals towards $35 trillion, hedge fund boss warns politicians are spending 'at the expense of future generations'
9 months, 1 week ago

As US 'debt bomb' spirals towards $35 trillion, hedge fund boss warns politicians are spending 'at the expense of future generations'

Daily Mail  

debt is currently above $34.6 trillion, according to official data Hedge fund billionaire Ken Griffin has warned that the 'surging' US national debt is a 'growing concern that cannot be overlooked.' It comes after fellow hedge fund manager Paul Tudor Jones warned earlier this year that a 'debt bomb' is on the verge of exploding in the US - and …

Global debt surges to record high as borrowing costs bite
10 months, 3 weeks ago

Global debt surges to record high as borrowing costs bite

The Telegraph  

Global debt has surged to a record high of $313 trillion, as higher interest rates drive up borrowing costs for companies and governments worldwide. Jan Friederich at Fitch Ratings said higher borrowing costs mark “a quite substantial change from the environment of. Speaking at the launch of the IIF’s Global Debt Monitor he said that “average interest expenditure relative to …

The threat of US debt inflated away haunts the country’s fiscal outlook
10 months, 3 weeks ago

The threat of US debt inflated away haunts the country’s fiscal outlook

Live Mint  

One of the few things US Democrats and Republicans appear to agree on is that fiscal responsibility is for losers. The projection assumes that caps on discretionary spending introduced last year will be maintained and that the Trump administration’s 2017 tax cuts will expire in 2025 as the law promised. Didn’t US Congress pass the Fiscal Responsibility Act last year, …

Legendary investor Paul Tudor Jones says a 'debt bomb' set to go off in US - economy appears strong but is on 'steroids' masking major problems
11 months ago

Legendary investor Paul Tudor Jones says a 'debt bomb' set to go off in US - economy appears strong but is on 'steroids' masking major problems

Daily Mail  

The billionaire investor said while the economy appears strong, it is on 'steroids' Legendary hedge fund manager Paul Tudor Jones has said that a 'debt bomb' is on the verge of exploding in the US - due to 'unsustainable' government borrowing. The billionaire investor said that the economy appears strong - but under the surface it is actually on 'steroids' …

Excessive dollar debt major risk to economic security and recovery
1 year ago

Excessive dollar debt major risk to economic security and recovery

China Daily  

Illustrated by Shi Yu / China Daily The total debt of the US federal government exceeded $34 trillion for the first time as of Jan 2, only three and a half months after it topped $33 trillion, and five years earlier than the Congressional Budget Office had predicted. In order to fund its ever-growing fiscal deficit, the US government has …

US national debt hits record $34 trillion as Congress gears up for funding fight
1 year ago

US national debt hits record $34 trillion as Congress gears up for funding fight

Associated Press  

WASHINGTON — The federal government’s gross national debt has surpassed $34 trillion, a record high that foreshadows the coming political and economic challenges to improve America’s balance sheet in the coming years. Government dysfunction, such as another debt limit showdown, could also be a financial risk if investors worry about lawmakers’ willingness to repay the U.S. debt. Sohn said a …

Global debt surges to record $307 trillion amid borrowing binge
1 year, 3 months ago

Global debt surges to record $307 trillion amid borrowing binge

The Telegraph  

Global debt has surged to a fresh record of $307 trillion as governments and financial services companies fuel a jump in borrowing. Borrowers added $10 trillion to the debt mountain in the first half of 2023, according to the Institute of International Finance. It comes as US government debt hit a record $33 trillion this month amid heavy borrowing and …

Americans’ credit card debt hits a record $1 trillion
1 year, 5 months ago

Americans’ credit card debt hits a record $1 trillion

CNN  

Minneapolis CNN — Americans’ credit card debt levels have just notched a new, but undesirable, milestone: For the first time ever, they’ve surpassed $1 trillion, according to data released Tuesday by the Federal Reserve Bank of New York. During the second quarter, credit card balances shot up by $45 billion, or nearly 4.6%, to land at $1.03 trillion, according to …

US public debt is projected to reach 181% of American economic activity in 30 years
1 year, 6 months ago

US public debt is projected to reach 181% of American economic activity in 30 years

Associated Press  

WASHINGTON — The Congressional Budget Office is giving the world a concerning look at the U.S. government’s ledgers: ever higher deficits, greater government spending and tax revenues that only begin to increase when existing tax cuts expire. The nonpartisan agency estimates in its latest 30-year outlook, released Wednesday, that publicly held debt will be equal to a record 181% of …

'Productive' Talks No Deal Yet: What Is US Debt Ceiling, Over Which US Lawmakers Have Locked Horns?
1 year, 7 months ago

'Productive' Talks No Deal Yet: What Is US Debt Ceiling, Over Which US Lawmakers Have Locked Horns?

ABP News  

US President Joe Biden and Republican House Speaker Kevin McCarthy have called their latest round of negotiations on the debt ceiling “productive”, but they still haven’t reached a deal to avoid looming debt default. The US Treasury departments websites say that the debt limit is the total amount of money that the United States government is authorised to borrow to …

More red ink: Congressional budget agency projects bigger deficits as debt talks continue
1 year, 7 months ago

More red ink: Congressional budget agency projects bigger deficits as debt talks continue

Associated Press  

WASHINGTON — This year’s projected government budget deficit has jumped by $130 billion, due in part to a proposed change to student loan repayment plans and a series of bank rescues organized by federal regulators, the Congressional Budget Office said Friday. Revenue collections through April were lower than the agency expected, resulting in a projected budget deficit of $1.5 trillion …

US default on $31.46 trillion debt may lead to global crisis: Treasury chief
1 year, 8 months ago

US default on $31.46 trillion debt may lead to global crisis: Treasury chief

Hindustan Times  

U.S. Treasury Secretary Janet Yellen on Thursday urged Congress to raise the $31.4 trillion federal debt limit and avert an unprecedented default that would trigger a global economic downturn and risk undermining U.S. global economic leadership. "It would also risk undermining U.S. global economic leadership and raise questions about our ability to defend our national security interests." Yellen said she …

White House predicts economic fallout if US fails to make debt payments
1 year, 8 months ago

White House predicts economic fallout if US fails to make debt payments

Firstpost  

The White House issued a dire warning on Wednesday, predicting a future of falling equities and rising unemployment should the United States fail to make its debt payments. The US government’s failure to pay its financial obligations might result in eight million job losses this summer and a six per cent decline in GDP, according to the President’s Council of …

White House warns of recession as debt limit fight drags on
1 year, 8 months ago

White House warns of recession as debt limit fight drags on

India Today  

White House economists on Wednesday warned of “severe damage” to the US economy in the event of a debt default, warning that a prolonged default could cause 8.3 million job losses and the stock market to tumble 45%. The White House analysis warned that a protracted default could cost more than 8 million jobs in the third quarter of 2023, …

Biden says GOP plans would drive US debt up by $3 trillion
1 year, 10 months ago

Biden says GOP plans would drive US debt up by $3 trillion

Associated Press  

LANHAM, Maryland — President Joe Biden on Wednesday said Republican policies would blow up the national debt by $3 trillion over 10 years, taking direct aim at GOP lawmakers who say their priority is a balancing the federal budget. The president said his budget, which is set to be released March 9, would protect Social Security and Medicare from cuts, …

Lots of sound and fury on US debt, but not a crisis — yet
1 year, 11 months ago

Lots of sound and fury on US debt, but not a crisis — yet

Associated Press  

WASHINGTON — For all the sound and fury about raising the nation’s debt limit, most economists say federal borrowing is not at a crisis point. The political jousting masks contrasting realities: Today’s $31.4 trillion national debt does not appear to be a weight on the U.S. economy, but the debt’s path in the decades to come might put at risk …

Deficit figures set up competing visions from Biden and GOP
2 years, 2 months ago

Deficit figures set up competing visions from Biden and GOP

Associated Press  

This fiscal year’s budget deficit shrunk in half from last year, but the red ink soared on a monthly basis in September largely because of President Joe Biden’s plans to forgive student debt, as three decades’ worth of costs were compressed into a single month. The budget figures released Friday by the Treasury Department reveal dueling visions about what it …

US starts fiscal year with record $31 trillion in debt
2 years, 3 months ago

US starts fiscal year with record $31 trillion in debt

Associated Press  

WASHINGTON — The nation’s gross national debt has surpassed $31 trillion, according to a U.S. Treasury report released Tuesday that logs America’s daily finances. Edging closer to the statutory ceiling of roughly $31.4 trillion — an artificial cap Congress placed on the U.S. government’s ability to borrow — the debt numbers hit an already tenuous economy facing high inflation, rising …

Biden administration forecasts $1.03T deficit, down $400B
2 years, 4 months ago

Biden administration forecasts $1.03T deficit, down $400B

Associated Press  

WASHINGTON — The Biden administration is forecasting that this year’s budget deficit will be nearly $400 billion lower than it estimated back in March, due in part to stronger than expected revenues, reduced spending, and an economy that has recovered all of the jobs lost during the multi-year pandemic. The administration’s Mid-Session Review said much of the improvement in the …

Report: Federal debt lower in 2022; still poised to climb
2 years, 5 months ago

Report: Federal debt lower in 2022; still poised to climb

Associated Press  

The Congressional Budget Office said Wednesday that the end of pandemic-era spending, fast economic growth and higher tax revenues have caused the federal debt this year to be lower than forecast. GOP lawmakers have also stressed the importance of containing federal debt, yet annual deficits worsened during the tenure of former President Donald Trump. This year’s budget deficit is equal …

In a first, America's national debt crosses $30 trillion. Here's why it matters
2 years, 11 months ago

In a first, America's national debt crosses $30 trillion. Here's why it matters

Hindustan Times  

In a new milestone, America's national debt has reached a record high of over $30 trillion, according to data published on Tuesday by the treasury department under the US government. Financial experts cited by American media outlets like CNN and Axios remain divided over “how much debt is too much” and regarding how big of a problem this really is …

Column: McConnell complains about national debt, but blames it on assistance for ordinary Americans
3 years, 6 months ago

Column: McConnell complains about national debt, but blames it on assistance for ordinary Americans

LA Times  

Senate Minority Leader Mitch McConnell isn’t alone among politicians in his fondness for the term “Russian roulette,” though he deserves credit for using it consistently: always in opposition to raising taxes on the rich. — Senate Minority Leader Mitch McConnell places Social Security and Medicare in the crosshairs McConnell’s remark was specifically aimed at a Biden administration proposal for free …

US debt projected to balloon to more than double GDP by 2051
3 years, 10 months ago

US debt projected to balloon to more than double GDP by 2051

Al Jazeera  

The non-partisan Congressional Budget Office warned that by 2051, the United States’ debt will skyrocket to 202 percent of its gross domestic product, up from 102 percent this year. The U.S. federal debt will grow to more than double the size of the economy in three decades, increasing the risk of a fiscal crisis even though dangers appear low in …

U.S. owes India $ 216 billion as American debt soars to $ 29 trillion: lawmaker
3 years, 10 months ago

U.S. owes India $ 216 billion as American debt soars to $ 29 trillion: lawmaker

The Hindu  

The U.S., the world's largest economy, owes India $ 216 billion in loan as the country's debt grows to a record $ 29 trillion, an American lawmaker has said, cautioning the leadership against galloping foreign debt, the largest of which comes from China and Japan. The top two countries we owe the debt to are China and Japan, not actually …

Trump's presidential legacy, by the numbers
4 years ago

Trump's presidential legacy, by the numbers

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Presidential historians and others will plumb them as they assess President Donald Trump’s legacy …

US debt hasn’t been this high since World War II. That’s ok…for now
4 years, 2 months ago

US debt hasn’t been this high since World War II. That’s ok…for now

CNN  

The amount of money that the United States owes investors has hit record levels in more than a few ways, based on newnumbers reported Friday by the US Treasury. Both the annual deficit and total debt accumulated over the years has topped levels not seen since World War II. Having topped $21 trillion, the country’s total debt owed to investors …

US budget deficit hits all-time high of $864 billion in June
4 years, 5 months ago

US budget deficit hits all-time high of $864 billion in June

Associated Press  

WASHINGTON — The federal government incurred the biggest monthly budget deficit in history in June as spending on programs to combat the coronavirus recession exploded while millions of job losses cut into tax revenues. For the first nine months of this budget year, which began Oct. 1, the deficit totals $2.74 trillion, also a record for that period. That total …

Americans now have $14 trillion in debt
5 years, 1 month ago

Americans now have $14 trillion in debt

CNN  

New York CNN Business — US households are now sitting on a record $14 trillion in mortgages, credit cards, student loans and other forms of debt. Household debt ticked up 0.7% during the third quarter, the New York Federal Reserve said on Wednesday, continuing a five-year climb encouraged by low unemployment, strong consumer confidence and cheap borrowing costs. Federal Reserve …

$1 trillion deficits and rate cuts: Washington’s upside-down response to economic prosperity
5 years, 5 months ago

$1 trillion deficits and rate cuts: Washington’s upside-down response to economic prosperity

CNN  

New York CNN Business — America’s economy is in a period of historic prosperity, but you wouldn’t know it from Washington’s policymaking. “But we’re not doing that, so we will be poorer in the long run because of it.” Kristina Hooper, chief global market strategist at Invesco, called Washington’s dual-pronged response to economic prosperity “bizarre.” “It’s almost Twilight-Zone economics. “It’s …

National debt hits new milestone, topping $22 trillion
5 years, 10 months ago

National debt hits new milestone, topping $22 trillion

Daily Mail  

The national debt has passed a new milestone, topping $22trillion for the first time. The debt figure has been rising at a faster pace following passage of Trump's $1.5trillion tax cut in December 2017 and action by Congress last year to increase spending on domestic and military programs. The national debt has passed a new milestone, topping $22 trillion for …

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