Moody's Investors Service has placed the Aaa bond rating of the U.S. Government on review for a possible downgrade, due to the debt deal talks stalemate in Washington, and the possibility of a U.S. debt default, the credit rating agency announced. Fed Chairman Ben Bernanke also said a default would trigger a major crisis.
New York City Mayor Mike Bloomberg is quite candid regarding his evaluation of the impact of a U.S. Government default on the financial system: it would be catastrophic, and also hurt the nation's largest city.
U.S. Sen. Mitch McConnell, R-Ky., says he may have a way out of the debt deal crisis -- a sort of last-chance option that would permit President Barack Obama to increase the debt limit, even if Democrats and Republicans can't immediately agree regarding how to cut the budget deficit. But will Conservative Republicans support it?
A debt default would have a catastrophic effect on the nation's financial system and also deal a huge setback to New York City, Mayor Michael Bloomberg said on Tuesday.
The rhetoric is getting hot and heavy inside the beltway regarding the debt talks. On Tuesday, the Republicans essentially said the Democrats haven't offered a viable debt deal proposal and President Obama said Republican reluctance to compromise could prevent senior citizens from receiving Social Security payments on August 3.
President Barack Obama and top lawmakers will meet again on Monday in search of a deal on slashing the budget deficit and raising the $14.3 trillion debt ceiling before the United States defaults.
House Speaker John Boehner, R-Ohio, did not mince words Monday regarding who the American people should blame, if the U.S. Government defaults on its debt and Congress fails to raise the debt ceiling: President Obama and Congressional Democrats.
President Barack Obama on Monday reiterated that Congressional Republicans and Democrats will resolve the debt ceiling and that the U.S. Government would not default on its debt -- but the key, he underscored, is a GOP compromise on the revenue component. Major cuts in spending are already a part of the deal.
Suddenly, momentum is building in the nation's capitol toward what could be an historic deficit reduction package -- a grand deal deal of $4 trillion or more in cuts -- including changes to entitlement programs, cuts in defense spending, and selected tax increases via ending tax loopholes.
President Barack Obama and congressional leaders searched on Thursday for ways to break a deadlock over spending and taxes, and there were some glimmers of a potential compromise that would avoid a debt default.
President Barack Obama and congressional leaders searched on Thursday for ways to break a deadlock over spending and taxes, and there were some glimmers of a potential compromise that would avoid a debt default.
The only Democratic U.S. president re-elected since FDR's New Deal, and the last one to register a budget surplus in the past 30 years, has no-holds-barred advice for President Barack Obama regarding the debt talks: 'Don't blink.'
President Obama and Republicans are in a battle over the federal deficit and a deadline for raising the federal debt limit on August 2 as GOP leaders push to cut spending from government services.
The nation's highest-ranking fiscal official Friday reaffirmed the Aug. 2 deadline for raising the U.S. debt ceiling -- urging Congress to act soon to avoid the catastrophic economic and market consequences of a default crisis by raising the statutory debt limit in timely manner.
US Treasury Secretary Timothy Geithner said it will be unthinkably damaging to the economy, much more damaging than even what we faced in the dark period of '08 and '09, if Congress fails to raise the debt ceiling by August 2011.
Treasury Secretary Timothy Geithner said Thursday at a conference that he would remain as President Obama's top economic official for the foreseeable future after a report saying he was considering stepping down.
U.S. Treasury Secretary Timothy Geithner said today that Congress has no option other than approving an increase in the $14.3 trillion debt ceiling, Bloomberg reported.
U.S. Treasury Secretary Timothy Geithner is considering stepping down later this year, but will not make any decision until after until after debt limit negotiations conclude, people familiar with his thinking said on Thursday.
U.S. Treasury Secretary Timothy Geithner is considering stepping down later this year, but will not make any decision until after until after debt limit negotiations conclude, people familiar with his thinking said on Thursday.
U.S. Treasury Secretary Timothy Geithner will not make any decision about leaving the Obama administration while focused on striking a deal to raise the U.S. debt limit, a U.S. Treasury official said on Thursday.
Treasury Secretary Timothy Geithner is considering stepping down later this year, but will not make any decision until after debt limit negotiations conclude, people familiar with his thinking said on Thursday.
Treasury Secretary Timothy Geithner has signaled to White House officials that he is considering leaving the administration after a deal to raise the U.S. debt limit is reached, Bloomberg News reported on Thursday, citing three anonymous sources.
