federal debt

11 Stories

Why We Need to 'Kick That Can'

Paul Krugman: US debt problems are long-term; fixing now would be 'destructive'

(Newser) - Paul Krugman appears exasperated with John Boehner's exasperation. On Wednesday, the speaker of the House discussed his determination to tackle the deficit, saying, “I’ve watched them kick this can down the road for 22 years since I’ve been here. I’ve had enough of it. It’... More »

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 »

Super Committee Dems Propose $3T Debt Deal

It includes big slashes to Medicare

(Newser) - Democrats threw a whopper of a deal onto the table in a closed-door super committee meeting yesterday, offering a plan that would slash between $2.5 trillion and $3 trillion from the deficit over the next 10 years, while providing between $200 billion and $300 billion in new stimulus spending,... More »

2011 Deficit Is 2nd-Largest in History: $1.299T

Only unexpected growth kept it below 2009's record

(Newser) - There's no second stimulus, but that didn't stop the federal deficit reaching $1.299 trillion last year, the second-largest in history, reports the Hill . That's slightly bigger than the $1.293 trillion from fiscal 2010, but less than the $1.412 trillion of 2009. While $1.299... 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 »

It's the Busted Consumer Bubble, Stupid

With no consumer spending, economy keeps dragging

(Newser) - There are plenty of theories and explanations for the economic crisis that has afflicted the United States for years now, but they all miss the element of the continuing malaise—it's really about the bursting of the decades-long consumer spending bubble, writes David Leonhardt in the New York Times... More »

Obama, Congress Still Seek 'Grand Bargain'

New committee to look for $5T in cuts over 10 years

(Newser) - That big debt ceiling deal just won't die: Lawmakers are still working on an ambitious "grand bargain" that would hack as much as $5 trillion from the national debt over the next decade, reports the Washington Post . President Obama, House speaker John Boehner, and other congressional leaders have... 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 »

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 »

Congress Running Out of Time for Debt Ceiling Fix

Deadlocked, it's on break 3 of next 6 weeks

(Newser) - Congress has six weeks to raise the debt ceiling before all hell breaks loose—and that’s a lot less time than it sounds like, because one or both chambers is scheduled to be on break for three of those weeks, the Washington Post observes. What’s more, Congress’ last... More »

Boehner to Dems: Cut 'Trillions' ... or Else

Speaker wants Medicaid part of the 'conversation' to boost debt limit

(Newser) - House Speaker John Boehner has warned Democrats to agree to at least $2 trillion in budget cuts or GOP legislators won't back measures to raise the federal debt ceiling, he told a rapt crowd of Wall Streeters and political leaders yesterday. He also insisted that Medicare is still on... More »

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