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Bed Bath & Beyond's Troubles Just Got Worse

Home goods company is in default on its loans, may have to go the bankruptcy route

(Newser) - Bed Bath & Beyond said Thursday that it's in default on its loans and doesn't have sufficient funds to repay what it owes. The home goods chain said in a Securities and Exchange Commission filing that the default would force it to consider alternatives, including restructuring its debt...

For First Time in Century, Russia Defaults on Debt

Moscow blames sanctions, not a lack of money

(Newser) - Russia disagrees, but the rest of the world is of the opinion that Moscow has defaulted on its foreign debt for the first time since the Bolshevik Revolution more than a century ago. A 30-day grace period on interest payments originally due May 27 expired Sunday, per the AP . That...

Sri Lankans Mock Ruling Brothers as Thieving 'Crows'

Popular chant goes after Rajapaksa clan amid nation's economic spiral

(Newser) - Sri Lanka's government touted Basil Rajapaksa as the one to save the country from economic crisis. The former finance minister instead led the island nation into its worst economic crisis in decades —at least that's the take of thousands of protesters, who are fed up with his...

Russia Hasn't Done This in a Century

Country inches toward a possible default on foreign debt for first time since 1918

(Newser) - "The last time Russia defaulted on foreign debt, Lenin was in power," reads a headline from Quartz . It's a relevant historical fact as Russia, under heavy sanctions triggered by its invasion of Ukraine, inches toward a default on its foreign debt again, more than a century after...

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...

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...

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...

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,...

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...

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....

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,...

Rand Paul: Bad Idea to Blow Through Debt Ceiling
 Rand Paul: 
 Bad Idea to 
 Blow Through 
 Debt Ceiling 
TALK SHOW ROUNDUP
Oct 13, 2013 12:24 PM CDT

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,...

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...

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
...

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...

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...

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...

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...

Dean: What's the Tea Party Smoking?
 Dean: What's 
 the Tea Party 
 Smoking? 
TALK SHOW ROUNDUP
Aug 7, 2011 11:42 AM CDT

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...

Debt Deal Clears the House
 Debt Deal 
 Clears the House 
269-161
Aug 1, 2011 6:10 PM CDT

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...

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