Latest Government debt News

US starts fiscal year with record $31 trillion in debt

Oct. 04, 2022 18:10 PM EDT

WASHINGTON (AP) — The nation's gross national debt has surpassed $31 trillion, according to a U.S. Treasury report released Tuesday that logs America's daily finances. Edging closer to the statutory ceiling of roughly $31.4 trillion — an artificial cap Congress placed on the...

Poll: Many pessimistic about improving standard of living

Oct. 04, 2022 13:31 PM EDT

NEW YORK (AP) — More than half of Americans believe it’s unlikely younger people today will have better lives than their parents, according to a new poll from the University of Chicago Harris School of Public Policy and The Associated Press-NORC Center for Public Affairs Research. ...

UK train strikes and energy hikes add to a week of turmoil

Oct. 01, 2022 09:50 AM EDT

LONDON (AP) — Trains in Britain all but ground to a halt Saturday as coordinated strikes by rail workers added to a week of turmoil caused by soaring energy prices and unfunded tax cuts that roiled financial markets. Only about 11% of train services were expected to operate across...

Stocks end September down 9.3%, worst month since March 2020

Sep. 30, 2022 17:15 PM EDT

Wall Street closed out a miserable September on Friday with the S&P 500's worst monthly skid since March 2020, when the coronavirus pandemic crashed global markets. The benchmark index ended the month with a 9.3% loss and posted its third straight losing quarter. It’s now at...

Brainard warns US rates to stay high, notes global impact

Sep. 30, 2022 13:40 PM EDT

WASHINGTON (AP) — Federal Reserve Vice Chair Lael Brainard said Friday that U.S. interest rates will likely have to remain high for an extended period to combat inflation, capping a week of tough rhetoric by Fed officials. In remarks at a conference hosted by the Federal Reserve...

UK's Truss defends economic plan that sent pound tumbling

Sep. 29, 2022 14:20 PM EDT

LONDON (AP) — British Prime Minister Liz Truss on Thursday defended her divisive economic plan and shrugged off the turmoil it has stirred in financial markets, saying she’s willing to make “controversial and difficult decisions” to get the U.K. economy growing. In her first...

EXPLAINER: How do we know when a recession has begun?

Sep. 29, 2022 13:25 PM EDT

WASHINGTON (AP) — The economy shrank in the first half of this year, the government confirmed in a report Thursday, underscoring fears of a broad-based slowdown that could lead to a recession. At the same time, the number of people seeking unemployment benefits — a figure that...

Asian stocks follow Wall St higher after UK calms markets

Sep. 28, 2022 23:56 PM EDT

BEIJING (AP) — Asian stock markets followed Wall Street higher Thursday after Britain's central bank moved forcefully to stop a budding financial crisis. Market benchmarks in Hong Kong, Seoul and Sydney added more than 1%. Shanghai and Tokyo also rose. Oil prices edged lower after...

Editorial Roundup: United States

Sep. 28, 2022 15:48 PM EDT

Excerpts from recent editorials in the United States and abroad: Sept. 26 The Washington Post on congressional stock-trading It is a long-running scandal that members of Congress are allowed to trade individual stocks. They have access to privileged...

UK central bank intervenes in market to halt economic crisis

Sep. 28, 2022 13:28 PM EDT

LONDON (AP) — The Bank of England took emergency action Wednesday to stabilize U.K. financial markets and head off a crisis in the broader economy after the government spooked investors with a program of unfunded tax cuts, sending the pound tumbling and the cost of government debt soaring. ...