What Does US Local Debt Teach Rest of Us?

A new study in the United States is suggesting state governments are carrying both total and future liabilities in the range of between 1 to 4 trillion US dollars. The Harvard Institute of Government report suggets the debt at the state level is a re

US Debt Ceiling Votes Invite Partisanship

In coming weeks, the U.S. Congress is widely expected to raise the federal governments debt ceiling, thereby allowing it to borrow additional funds and service Americas $14 trillion national debt. Congress has never failed to raise the borrowing limi

Obama,Lawmakers Meet for Third Day on US Debt

Negotiations between President Barack Obama and Republican lawmakers appear deadlocked, with Republican leaders sharply criticizing Mr. Obama's approach in talks about slashing U.S. budget deficits and raising the government's borrowing limit. The pr

Obama Enters Talks on US Debt, Spending Cuts

With a little more than a month until a deadline to raise the nation's debt limit, President Barack Obama met on Monday with the top U.S. Senate Democratic and Republican leaders to try to narrow differences in long-running talks on reducing governme

Government Debt Could Stifle Economic Recovery

The head of the International Monetary Fund says economic recovery is still possible, but it is getting harder. In Washington, IMF Managing Director Christine Lagarde said Thursday that troubled economies have fewer resources now than at the start of

U.S. Senate approves postponement of debt ceiling deadline

WASHINGTON, Jan. 31 (Xinhua) -- U.S. Senate on Thursday approved the postponement of the federal government's debt ceiling until May to keep the federal government in operation and give lawmakers more time to mull over how to rein in the government's

Obama calls for debt reduction in balanced manner

Obama calls for debt reduction in balanced manner WASHINGTON, Nov. 9 (Xinhua) -- The United States should cut its mounting public debt in a balanced manner with a plan including both government spending cuts and revenue increases, U.S. President Bara

U.S. House Speaker insists on Congress debt ceiling control

WASHINGTON, Dec. 13 (Xinhua) -- U.S. Congress would never give up its control over raising the federal government's debt limit to enhance U.S. fiscal sustainability, John Boehner, speaker of the U. S. House of Representatives, said here on Thursday.

Obama urges Congress to raise U.S. debt ceiling

WASHINGTON, Jan. 14 (Xinhua) -- One week before starting his second term, U.S. President Barack Obama on Monday urged Congress to raise the country's debt ceiling in a timely manner to avert dampening investor confidence and derailing the economic re

White House urges Congress to raise debt ceiling without delay

WASHINGTON, Jan. 17 (Xinhua) -- U.S. President Barack Obama has insisted on his stance that Congress should increase the country's debt ceiling without delay, White House spokesman Jay Carney said Thursday. The President has made clear he's not going

Obama Will Not Block Debt Limit Bill

WHITE HOUSE The Obama administration is welcoming Republican lawmakers decision not to withhold an extension of the nations borrowing limit. Republicans had threatened to allow the United States to default on its obligations if government spending we

Greek Debt Crisis Still Unresolved

European finance officials are still grappling with the Greek debt crisis after returning home from inconclusive talks at the International Monetary Fund in Washington over the weekend. The United States and other nations are pressing European leader

New Eurozone Focus: Spain's Debt, Economy

The debt-ridden Spanish government and the country's troubled economy are the newest face of the European debt crisis. Stock markets across Asia, Europe and the United States plunged on Monday on fears that Madrid will need an international bailout a

US Treasury Secretary Defends Debt Deal

After months of partisan gridlock, both houses of the U.S. Congress have approved a bill to raise the federal borrowing limit and cut government spending. Tuesdays 74 - 26 Senate vote came one day after the bill passed in the House of Representatives

Greece Nears Debt Write-Off Goal

Greece is nearing its goal of getting the country's private lenders to eliminate $142 billion of the country's debt to help it avoid a default on its financial obligations later this month. A government official told news agencies Thursday in Athens

Foreign holdings of U.S. debt hit record high in June

WASHINGTON, Aug. 15 (Xinhua) -- Total foreign holdings of U.S. Treasury securities rose to a new high in June, indicating strong international demand for U.S. government debt amid the simmering eurozone debt crisis, the U.S. Treasury Department repor

Greece, Spain Face New Debt Pressures

Greece and Spain faced new pressure Tuesday from the European debt crisis. The European Union bluntly told the Athens government it would not receive its next $11 billion installment from last year's bailout unless its fractious political leaders sig

US Debt Drama Engulfs Both Houses of Congress

The U.S. House of Representatives is expected to vote Thursday on a Republican plan to trim government spending and raise the federal borrowing limit. The vote comes days before a deadline to avert a possible default on U.S. debt obligations that Pre

China to boost local gov't debt clean-up

BEIJING, March 1 (Xinhua) -- China will boost the clean-up of thousands of millions of local government's debt in 2012, so to guard against possible defaults that would hurt its banks, the country's banking regulator said Thursday. The country will f

Plans to Raise US Debt Ceiling Mired in Congress

Daunting hurdles remain for two legislative plans to cut U.S. government spending, raise the federal borrowing limit and avert a national debt crisis experts warn that could stall Americas fragile economic recovery and send financial shock waves arou