Top Credit Rating Agency Lowers US Rating as Nation Struggles with Debt
US Credit Rating Downgraded On Friday evening, the US government officially lost its final AAA credit rating, with Moody’s adjusting the rating to AA+. The downgrade has been attributed to significant debt burdens. “This unprecedented downgrade on the 21 Notch rating scale illustrates a prolonged rise in government debt and interest payment rates, which are […]
Woman discusses her plan for eliminating $20K in credit card debt.
Tracy Schultz’s Journey to Overcome Credit Card Debt A few years back, Tracy Schultz found herself weighed down by credit card debt. Residents in Massachusetts have noted her efforts to stabilize her finances, covering rent while also managing her spending. “It all started with trying to make up for increasing rent, and grocery costs were […]
Changes in debt: Credit card and auto loan activity slows as student loans rise
At the start of the year, many Americans slowed down on credit card and auto debt, yet they began missing student loan payments, which are now showing up on credit reports. New data highlights a rising financial concern. Household debt grew from $167 billion to $18.2 trillion in the first quarter, according to a recent […]
Colombia Enters China’s ‘Belt and Road’ Debt Scheme
On Wednesday, China’s state media reported that Colombia has agreed to a “cooperative plan” to participate in China’s ambitious Belt and Road Initiative (BRI). The BRI has faced criticism, often described as a potential “debt trap,” as it encourages countries to take on substantial loans from Chinese banks, which may be difficult to repay due […]
Republican tax plan would increase the national debt by trillions.
The Republican tax bill is projected to add a staggering $3.7 trillion to the deficit over the next decade, according to the Joint Committee on Taxation (JCT). This hefty cost comes from the tax provisions included in the policy bill, which the JCT identified recently. The bill’s tax-related stipulations are expected to leave a significant […]
House Republicans reveal strategy to increase debt limit by $4 trillion
House Republicans are advancing a proposal to increase the nation’s debt ceiling by $4 trillion. This move is part of a broader strategy to support President Trump’s tax initiatives. The details of this plan, released by the House Ways and Means Committee, stem from a framework agreed upon by Congressional Republicans last month, setting the […]
Hagerty Indicates He Might Offer Extension on Debt Ceiling — Trump Requires ‘the Time and the Space’ to Boost Economy
On this week’s episode of FNC’s “Sunday Morning Futures,” Senator Hagerty (R-TN) expressed his support for President Trump’s initiative to push through the so-called “big, beautiful bill,” aimed at extending the debt ceiling, a move that has received some criticism from fellow Republicans. “Senator, I understand that you’ve got several voices to consider,” host Maria […]
House GOP spending leader: ‘I doubt we will have a pause on the debt limit’
On Sunday, House Budget Committee Chairman Tom Cole (R-Okla.) expressed skepticism about the possibility of a “debt limit suspension.” This came shortly after Treasury Secretary Scott Bescent urged Congress to raise the debt ceiling by mid-summer. “I don’t think there’s any chance for a debt limit suspension because Republicans prefer to keep revisiting this topic,” […]
US may reach debt limit by July.
Treasury Secretary Scott Bescent has urged Congress to take action regarding the nation’s debt ceiling before the mid-July deadline to avert a potential default. He emphasized the necessity of raising the debt ceiling to ensure the federal government can meet its financial obligations. This call for action comes as Republicans plan to use a budget […]
Bessent calls on Congress to address the debt limit by mid-July.
Treasury Secretary Scott Bescent urged Congress on Friday to raise the national debt ceiling by mid-July, aiming to prevent the federal government from defaulting on its debts, which exceed $36 trillion. In a letter to Speaker Mike Johnson (R-LA), Bescent expressed concern that the government’s cash reserves and extraordinary measures might be depleted by August, […]