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Puerto Rico to Default on $370M Debt Bill

An even bigger payment of $1B is due July 1

(Newser) - Big financial trouble for Puerto Rico: The government won't make nearly $370 million in bond payments due Monday after a failure to restructure or find a political solution to the US territory's spiraling debt crisis. Gov. Alejandro Garcia Padilla said Sunday he had issued an executive order suspending... More »

Puerto Rico Narrowly Avoids Multimillion-Dollar Default

'Let us be clear: We have no cash left'

(Newser) - Puerto Rico narrowly avoided a multimillion-dollar default on Tuesday by announcing a last-minute bond payment while warning that a deepening financial crisis has forced the government to divert money slated for future debt payments to avoid a shutdown of basic services "Let us be clear: We have no cash... More »

Greece Misses Its Big Payment

Becomes the first advanced nation to default on an IMF loan

(Newser) - It might be a rocky day for the stock market tomorrow: The hour for Greece to make a $1.8 billion payment to the IMF has come and gone without any money changing hands, making Greece the first developed country to default on a loan from the world lending agency,... More »

Argentina Defaults, Blames US

US' handling of talks with bondholders was 'shameful'

(Newser) - First the World Cup loss , now this: Argentina has defaulted for the second time in 13 years—but apparently through no fault of its own. Standard & Poor's considered the country in default yesterday after it failed to make interest payments to its bondholders and CNN reports that may... More »

Fitch Puts US Credit Rating on 'Negative' Watch

Keeps it at AAA, but warns things might change because of debt ceiling

(Newser) - As lawmakers scramble to strike a last-minute deal that would allow the government to keep borrowing money, Fitch Ratings issued a shot across the bow this afternoon: It put the nation's AAA on a "negative" watch, reports MarketWatch , meaning a downgrade is possible unless things get resolved soon.... More »

As Default Looms, Investors Scurry to Unload US Bonds

Banks steer clear of short-term US debt

(Newser) - Worried over the possibility of default, investors and banks aren't taking chances: They're selling off billions of dollars of US debt, the Wall Street Journal reports. Banks have cut their government debt holdings by some 50% in the past two weeks, New York's Federal Reserve says. Additionally,... More »

Rand Paul: Bad Idea to Blow Through Debt Ceiling

Meanwhile, Collins, Klobuchar see a deal by Thursday

(Newser) - The United States of America is exactly four days away from debt ceiling Armageddon, so politicians of all stripes crowded the Sunday talk show circuit to point fingers and wax poetically about what the other side might do better. Rand Paul led the way with the obvious, Politico reports, saying,... More »

US Default Would 'Blow Lehman Out of the Water'

US has 23 times the debt

(Newser) - If you think we saw a global financial disaster with the collapse of Lehman five years ago, just wait and see what happens if the US government defaults on its debt, warn financial experts. Lehman was $517 billion in debt—the US owes $12 trillion. The unprecedented event would cripple... More »

Tom Coburn Doesn't Believe in the Debt Ceiling

Says threat of default is a 'rumor'

(Newser) - Sen. Tom Coburn says the US won't default on its debt if the debt ceiling isn't raised, because ... the debt ceiling doesn't exist. On CBS This Morning , the Oklahoma Republican dismissed the default as a "rumor" perpetrated by the media:
  • "The debt ceiling and the
... More »

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... More »

Majority of House GOP Totally Cool With Defaulting

Even more are OK with government shutdown: sources

(Newser) - More than half of House Republicans are OK with a government default if President Obama won't accept their budget-cut demands, party officials tell Politico . Even more GOP lawmakers are willing to allow a government shutdown come March 27. Taking the shutdown route would help ensure "President Obama understands... More »

Our Credit Card Debt Just Got Worse

Q3 wasn't such a stellar one for plastic-happy Americans

(Newser) - Americans cranked up their use of credit cards in the third quarter, racking up more debt than a year ago, while also being less diligent about making payments on time, an analysis of consumer-credit data shows. The average credit card debt per borrower in the US grew 4.9% in... More »

Next Debt Bomb: Student Loans?

'Nonsense,' say others, as student debt is fraction size of housing

(Newser) - With student loan debts soaring to $867 billion last year, student debt is a "bomb" waiting to explode, bankruptcy lawyers tell the Washington Post. The figure is bigger than the $704 billion owed by all Americans on their credit cards , and of the 37 million borrowers, 14.4% have... More »

Dean: What's the Tea Party Smoking?

GOP blames Obama, Dems blame Tea Party for S&P downgrade

(Newser) - If nothing else, the S&P downgrade made for a lively August Sunday on the talk show circuit, with anyone who is anyone booking an appearance to sling some blame for the US' brand new AA+ rating . The Democrats pointed directly at the Tea Party and its refusal to raise... More »

Debt Deal Clears the House

Measure clears, will head to Senate tomorrow

(Newser) - John Boehner's House of Representatives tonight voted convincingly in favor of the hard-fought, eleventh-hour deal on the debt ceiling, reports the Wall Street Journal , in a 269-161 vote. Democrats split 95 to 95 over the measure, while hardline conservatives made their objections known, with 66 Republicans voting nay. But... More »

Reid Backs Debt Deal, Lawmakers Are 'Close'

Agreement hoped for later tonight

(Newser) - Hours after shelving his own debt ceiling plan, Harry Reid has given his blessing to a deal being furiously negotiated on Capitol Hill, reports Politico. “Senator Reid has signed off on the debt-ceiling agreement pending caucus approval," said a statement this afternoon from Reid's office. The legislation... More »

Senate Votes Down Reid's Plan

But real deal is still being worked on

(Newser) - As expected, the Senate voted today not to move forward with Harry Reid's debt ceiling proposal in a 50-49 vote. The Wall Street Journal notes that the vote was "anti-climactic," since the real work on hammering out a deal by the end of the day is happening... More »

Schumer: Deal Isn't Quite Done, but 'Relief'

Guess what's on everybody's mind this morning?

(Newser) - The end of Congress' tortured debt ceiling machinations isn't here yet, but it's in sight, says top Democratic negotiator Chuck Schumer, while adding that "It's premature to talk about any specifics." Schumer emphasized to State of the Union that the deal will be politically difficult... More »

McConnell: Debt Deal 'Very Close'

Says legislators 'had a very good day yesterday'

(Newser) - Good news, if you're the US economy: Mitch McConnell says a debt ceiling deal is "very close," reports Politico. Speaking on CNN's State of the Nation this morning, the Senate minority leader said lawmakers yesterday made "dramatic progress" on a two-step, $3 trillion agreement that... More »

$2.4T Debt Deal Taking Shape?

Proposal would match debt ceiling relief to debt reduction

(Newser) - After weeks of posturing and pleading, with threat of a default just days away, news of a possible debt ceiling deal is dribbling out of Washington, first reported by ABC 's Jonathan Karl. The deal would raise the ceiling by $2.4 trillion in two phases, enough to last... More »

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