July 2, 2004 |
The plan was: a $400-billion federal budget surplus this year, and a national debt of $2.1 trillion heading rapidly to zero. That was the plan in January 2001, when President Bush took office. And not just the plan: that was the official prediction of the nonpartisan Congressional Budget Office. Now we have a new plan. Instead of a $400-billion surplus, Bush's budget calls for a $500-billion deficit. The national debt is $4.
October 17, 2013 |
At the last possible moment, the dysfunctional United States Congress voted to end the debilitating government shutdown and avoid a calamitous default on the government debt. It should have been a humiliating defeat for Texas Sen. Ted Cruz and the other tea party Republicans who engineered this political debacle, but none of them are showing the slightest sign of remorse. That raises a big question about what happens in January when another government shutdown will loom, and in February when the debt ceiling will need to be raised again.
June 14, 2012 |
ATHENS - Last month, Greeks went to the polls in anger. On Sunday, they return in fear. In an election widely viewed as a referendum on the country's membership in the Eurozone, voters here are choosing between the guaranteed pain of continued austerity and the uncertain danger of trying to break free of those brutal cuts. The first option, as protest parties such as the far-left Syriza group argue, would mire Greece in deep recession for years, if not decades. The second, as the conservative New Democracy party warns, would mean the "kiss of death" that forces Greece's European peers to push the country out of the shared currency.
February 13, 2012 |
As Europe tries to climb its way out of a debt crisis, the continent's largest and strongest economy, Germany, has pushed its neighbors to reduce budget deficits and pledge to keep long-term public spending under control. But with the Eurozone facing a recession, Germany's insistence on austerity — also known as fiscal consolidation — has drawn criticism from those who subscribe to British economist John Maynard Keynes' formula of increasing public spending during economic slowdowns to spark demand and economic recovery, and then reining in spending during prosperous times.
June 28, 2011 |
Chinese local governments have taken on $1.65 trillion of debt with little regulatory oversight, an official audit found, raising concern about how much of the money will be paid back. Some of the funds raised were improperly funneled into the stock market and the country's overheated real estate sector, according to the first-of-its-kind review by China's national audit office. About half the debt, which was measured as of the end of last year, was incurred after Beijing in 2009 allowed banks to issue a record amount of new credit to stimulate the economy.
September 25, 2002 |
In the wake of Gov. Gray Davis signing a bill creating the nation's first comprehensive paid family-leave policy, businesspeople are fuming. They accuse him and the California Legislature of saddling them with a continuous series of mandates--regulations that add costs and hobble their ability to turn a profit. In national surveys, meanwhile, corporate executives are branding California "unfriendly" to business. Much of the anger is superficial and irrelevant.
June 26, 2009 |
American International Group Inc. said Thursday that it had reached a deal to reduce its debt to the Federal Reserve Bank of New York by $25 billion. The insurance giant, which has received multiple federal bailouts since September, said it would give the New York Fed preferred stakes in two of the company's crown jewels -- Asia-based American International Assurance, or AIA, and American Life Insurance Co., or Alico, which operates in more than 50 countries.
September 26, 2013 |
WASHINGTON - House Republicans are pursuing an all-of-the-above strategy to halting President Obama's healthcare law, using the threat of next week's government shutdown and the need to raise the debt limit in mid-October as leverage in back-to-back high-stakes showdowns with the White House. With the collapse of the GOP strategy in the Senate to stop the Affordable Care Act, the debate shifted Thursday to the House, where Republicans emerged from a closed-door strategy meeting with their commitment to fight the health law undiminished.
December 1, 2000 |
This week's bond market rally accelerated Thursday as U.S. technology stocks sank to new lows and blue-chip shares fell sharply, sending jittery stock investors into the haven of government debt. A spike in weekly jobless claims to the highest level in two years and a report showing Chicago-area manufacturing activity shrank by its widest margin in nearly a decade highlighted a cascade of evidence that the economy is slowing.
October 16, 2013 |
WASHINGTON -- Congressional leaders, seeking to speed a budget agreement to President Obama's desk, may adopt an unusual procedure in which the House will vote first on a compromise written in the Senate, officials said Wednesday. Having the House take up the budget deal crafted by the top two Senate leaders would limit the ability of tea party-backed senators to slow the bill down when it returned to their chamber. By allowing the House to move first, the parliamentary maneuver also could ease the psychic pain for House Republicans, who will be asked to swallow a deal that they had no hand in crafting and that many oppose.