Latest National debt News

Manchin, Schumer in surprise deal on health, energy, taxes

Jul. 27, 2022 21:02 PM EDT

WASHINGTON (AP) — In a startling turnabout, Senate Majority Leader Chuck Schumer and Sen. Joe Manchin announced an expansive agreement Wednesday that had eluded them for months addressing health care and climate, raising taxes on high earners and corporations and reducing federal debt. ...

In turnaround, Sen. Manchin says he has deal with top Democrat to cut health care and energy costs, reduce federal debt

Jul. 27, 2022 17:06 PM EDT
WASHINGTON (AP) — In turnaround, Sen. Manchin says he has deal with top Democrat to cut health care and energy costs, reduce federal debt.

Report: Federal debt lower in 2022; still poised to climb

Jul. 27, 2022 14:14 PM EDT

The Congressional Budget Office said Wednesday that the end of pandemic-era spending, fast economic growth and higher tax revenues have caused the federal debt this year to be lower than forecast. But the non-partisan office also includes a warning in its 30-year outlook about how...

EXPLAINER: What's the impact of a Russian debt default?

Jun. 26, 2022 17:18 PM EDT

Russia is poised to default on its foreign debt for the first time since the 1917 Bolshevik Revolution, further alienating the country from the global financial system following sanctions imposed over its war in Ukraine. The country faces a Sunday night deadline to meet a 30-day...

EXPLAINER: Why Sri Lanka's economy collapsed and what's next

Jun. 23, 2022 14:01 PM EDT

COLOMBO, Sri Lanka (AP) — Sri Lanka’s prime minister says the island nation’s debt-laden economy has “collapsed” as it runs out of money to pay for food and fuel. Short of cash to pay for imports of such necessities and already defaulting on its debt, it is seeking help from neighboring...

EU to keep budget rules looser for longer amid war fallout

May. 23, 2022 11:19 AM EDT

BRUSSELS (AP) — The European Union has moved to prolong looser limits on spending by member countries for an extra year in a bid to counter the economic fallout from Russia’s war in Ukraine. The European Commission recommended on Monday suspending the EU’s regular rules on...

Sri Lankan power family falls from grace as economy tanks

May. 13, 2022 05:32 AM EDT

NEW DELHI (AP) — With one brother president, another prime minister and three more family members cabinet ministers, it appeared that the Rajapaksa clan had consolidated its grip on power in Sri Lanka after decades in and out of government. But as a national debt crisis spirals out...