NEW YORK/SHANGHAI (Reuters) – China bluntly criticized the United States on Saturday one day after the superpower’s credit rating was downgraded, saying the “good old days” of borrowing were over. Standard & Poor’s cut the U.S. long-term credit rating from top-tier AAA by a notch to AA-plus on Friday over concerns about the nation’s budget […]
Heckuva job, Barry. You’ve tanked the economy and now wrecked our credit rating. But don’t let us interrupt your parties or golf. Maybe Obama should have put Osama bin Laden body on ice, because this week would have been the week he needs anything he can use to look at least half was decent. The […]
Upon taking control of the U.S. House in January, Republicans implemented sweeping reforms to make the People’s House more transparent and accessible. Now they’ll have a chance to bolster their good-government credentials with the newly created Joint Select Committee on Deficit Reduction. Twelve lawmakers from the House and Senate will serve on the joint committee, […]
The so called “historic, bipartisan compromise” reached to raise the debt limit does not end the struggle to reign in the federal deficit — in fact, all it does is pushes the most difficult decisions off into the future. More surprising, the debt deal actually cuts almost nothing now–it just promises future cuts that may […]
Here’s something to keep in mind as you follow this evening’s congressional debate over the debt ceiling. According to the latest daily statement from the U.S. Treasury, the government had an operating cash balance of $73.8 billion at the end of the day yesterday. Apple’s last earnings report (PDF here) showed that the company had […]
“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … […]
Winter has turned to spring and spring has turned to summer, but Congress and the White House are still debating how to handle the limit on our national debt. In the 1830’s, however, President Andrew Jackson set about an even more daunting task: paying the debt off entirely. America accomplished that feat in 1835, and […]
“When a country is indebted to the degree that we’re indebted, the country always defaults. We will default because the debt is unsustainable,” Rep. Ron Paul (R-TX) said on the House floor yesterday. “If we don’t understand this, this default will not be because we don’t send out the checks. We will send out the […]
The US is indebted mainly to …well.. Americans. Still, foreigners hold about 47 percent of the national debt, with China and Japan owning the biggest chunks, but not the majority. The U.S. owes somebody a whole pile of money. You knew that, right? Years of deficit spending have run up the national debt to a […]
As America’s poorest wait for Social Security checks that may never come on Aug. 3, President Barack Obama will be out celebrating a milestone birthday at a party where tickets cost up to $35,800 each. Obama has chosen the first day of the potential default to throw his 50th birthday bash, combining it with raising […]
