government debt

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National Debt Now as Big as Entire Economy

And sure to surpass it soon: USA Today

(Newser) - It's official, at least according to USA Today : The national debt is as big as the country's entire economy, and sure to surpass it soon. The federal government owes more than $15.23 trillion to creditors and government programs like Social Security, which is more than the latest... More »

Debt Super Committee an Open Book—for Lobbyists

Influence peddlers get their due

(Newser) - The debt “super committee” tends to meet in secret, won’t disclose its donors or post its documents online, and has turned a deaf ear to calls for greater transparency from good government groups—but it’s an open book to the best connected lobbyists on K Street, Politico... More »

Palin Lashes 'Clueless' Obama for Debt Debacle

Stop dithering, drill for natural gas, she urges

(Newser) - Sarah Palin skewered President Obama on Facebook last night over the nation's credit rating downgrade, saying he doesn't have "even a notion" of how to deal with the current fiscal meltdown. She blasted his latest press conference as another orgy of "old talking points and finger-pointing.... More »

China Blasts US Debt 'Addiction'

Irate over credit downgrade, Beijing lets loose

(Newser) - If Washington thought last night's credit downgrade was a just a nightmare, it woke up this morning to the cold, hard reality of China bashing it over the head for its free-spending ways. In what the New York Times calls a sign of America's plummeting global cachet, Beijing... More »

Stocks Plummet Despite Debt Deal

Weak manufacturing report causes Dow to tumble

(Newser) - The debt deal rally lasted all of 30 minutes. After gaining 139 points minutes after the market opened today, the Dow Jones industrial average fell sharply after a key manufacturing index tumbled in July. As of 12:30pm ET, the Dow was down 118 points, to 12,025, while the... More »

Clinton: Obama Can Just Raise Debt Ceiling Himself

I'd 'force the courts to stop me,' he says

(Newser) - Bill Clinton sees a really easy way out of the debt ceiling crisis: He thinks President Obama has the constitutional power to just raise the darn thing if he wants. The 14th Amendment states that “the validity of the US public debt shall not be questioned.” In an... More »

Obama on Debt Talks: 'I Will Not Yield'

...even though 'this may bring my presidency down'

(Newser) - We already knew last night's debt talks did not go well —but not only did President Obama leave "abruptly," he really put his foot down, Talking Points Memo reports: "I have reached the point where I say enough," he said, according to those present.... More »

Wrenching Decisions Loom If Debt Ceiling Isn't Raised

Who doesn't get paid: Soldiers, seniors, jobless, or bondholders?

(Newser) - If Washington doesn’t manage to raise the debt ceiling by Aug. 2, Tim Geithner’s going to have some angry people on his hands. That’s the date the Bipartisan Policy Center predicts the government will run out of money, leaving the US to pay its bills with incoming... More »

Boehner: There's a 'Gulf' Between Us

House won't raise taxes, he insists

(Newser) - John Boehner stuck to his guns in a press conference today, offering precious little hope that a debt ceiling deal was anywhere close to getting done. He thanked Barack Obama for praising his "good-faith effort," but said it mattered little. “Our disagreements are not personal,” he... More »

Obama: I Won't Sign Any 'Stop-Gap' Debt Deal

President says budget talks will continue 'every day'

(Newser) - Compromise was the theme of President Obama's press conference today, during which he acknowledged that yesterday's budget talks did not result in a deal—but promised that "we're gonna meet every single day until we get this thing resolved." He insisted that he and "... More »

Debt-Happy US Faces Payback Time as Rates Rise

Cost of debt to skyrocket $500B in next 10 years

(Newser) - Like a homeowner heading for mortgage default as interest rates rise, the US is heading for a nasty shock as cheap national debt suddenly becomes much more expensive. The White House estimates that the cost of servicing our $12 trillion debt will be more than $700 billion a year by... More »

Cash-Strapped Cities Ditch Fireworks

(Newser) - Some 50 US cities are so strapped for money that they're ditching their July 4th fireworks displays, reports the Los Angeles Times. "It came down to this: Did we want to spend $150,000 on something that would be over in a few hours?" asked the mayor of a... More »

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