Latest Government debt News

Powell urges Congress to tackle growing budget deficit

Nov. 14, 2019 3:23 PM EST

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell on Thursday urged Congress to tackle the growing budget deficit but also underscored the current health of the nation’s economy. Powell’s testimony before the House Budget Committee came a day after he told Congress’ Joint...

US budget deficit surges to $134.5 billion in October

Nov. 13, 2019 5:10 PM EST

WASHINGTON (AP) — The federal government, which ended the 2019 budget year with its largest deficit in seven years, began the new budget year with a deficit in October that was 33.8% bigger than a year ago as spending hit a record. The Treasury Department said Wednesday that the deficit last month totaled...

Sanford suspends GOP presidential primary challenge to Trump

Nov. 12, 2019 3:12 PM EST

CONCORD, N.H. (AP) — Mark Sanford dropped his challenge to President Donald Trump for the Republican presidential nomination on Tuesday, saying the focus on impeachment has made it difficult for his campaign to gain traction. "You've got to be a realist," Sanford said outside the New Hampshire statehouse....

Stocks push past latest trade-war confusion to more records

Nov. 8, 2019 4:44 PM EST

NEW YORK (AP) — The stock market capped another week of healthy gains on Friday, but it ended on more of a befuddled note than a bang as confusion about the U.S.-China trade war hung over the market. Stocks wobbled between small gains and losses through the day amid conflicting signals about the progress...

Tick tock, in hock: National debt clock looms over Atlanta

Nov. 7, 2019 1:34 PM EST

ATLANTA (AP) — A nonpartisan organization has placed a national debt clock in downtown Atlanta, right on time for a Democratic presidential debate coming to the city in two weeks. The Atlanta Journal-Constitution reports New York-based Peter G. Peterson Foundation placed the billboard on Ted Turner Drive...

As economy slows, new ECB head Lagarde faces big challenges

Oct. 31, 2019 10:59 AM EDT

FRANKFURT, Germany (AP) — Europe's economy is losing steam. Top officials at the European Central Bank are at odds over policy. And it's even unclear whether they can do much to help anyway. It adds up to a full in-tray for Christine Lagarde as she takes over as ECB president on Friday. The former head of...

Paralyzed by protests, Lebanon's fiscal crisis worsens

Oct. 30, 2019 3:11 PM EDT

BEIRUT (AP) — Lebanese banks have been closed for the last two weeks as the government grapples with mass demonstrations that have paralyzed the country, but an even greater crisis may set in when they reopen Friday. There are concerns the government may not have enough foreign reserves to defend its...

Draghi stepped in during euro's darkest hour

Oct. 28, 2019 12:32 PM EDT

FRANKFURT, Germany (AP) — Mario Draghi leaves as head of the European Central Bank credited with having rescued the eurozone from disaster with a well-timed phrase and bold action to back up his words. He expanded the bank's arsenal of crisis-fighting tools with new and unconventional policies, measures...

'Whatever it takes:' Key moments from Draghi's time at ECB

Oct. 28, 2019 7:22 AM EDT

FRANKFURT, Germany (AP) — Here's a look at key moments and decisions from Mario Draghi's eight years at the head of the European Central Bank, the monetary authority for the 19 European Union countries that use the euro as their currency. ___ Nov. 1, 2011: Draghi takes over as European Central Bank...

US deficit hits nearly $1 trillion. When will it matter?

Oct. 25, 2019 7:08 PM EDT

WASHINGTON (AP) — The Trump administration reported a river of red ink Friday. The federal deficit for the 2019 budget year surged 26% from 2018 to $984.4 billion — its highest point in seven years. The gap is widely expected to top $1 trillion in the current budget year and likely remain there for...