Congress passed and the president signed the deal just days before the US was expected to default on its debt.
The deal would raise the ceiling for two years, cap some federal spending and impose new work requirements on certain federal benefits. It still needs the blessing of Congress.
Brinkmanship means coming to the edge of potential default on the US debt ceiling. Are lawmakers negotiating the debt limit representing the wishes and interests of their voters?
If the US fails to increase its debt ceiling by June 1, it could be forced into an embarrassing – and hugely costly – default on its obligations.
House Speaker Kevin McCarthy agreed to raise the debt ceiling – and avoid an unprecedented US default – but only if Democrats agree to freeze spending and agree to several other demands.
The collapse of a US bank is the latest crisis for central banks to deal with. But rather than being saviours of the global economy, what if they are actually a big part of the problem?
House Speaker McCarthy wants to put the US on a path to a balanced budget as debt ceiling negotiations begin with President Biden. Here’s why it won’t be easy to repeat what Bill Clinton accomplished.
The US spent $232 billion paying interest on the national debt in the first quarter of 2023 as the Fed jacked up borrowing costs.
As President Biden begins meeting with congressional leaders to resolve the debt ceiling showdown, an economist warns the consequences of a default could be dire.
Many small island nations are struggling to protect their land from rising seas while also facing paralyzing debt.
By changing the rules around bank lending, you can make a huge cut to national debt.
An economist explains why defaulting on the national debt would result in economic crisis.
It is becoming increasingly clear that South Africa’s policymakers can no longer ignore the country’s obligations in terms of international, regional and national human rights law.
Republicans and Democrats have negotiated a draft deal that may avert a financial crisis, but why does the US have a debt ceiling in the first place?
Inflation, interest rates and booming mining royalties give the Morrison government scope to ignore the deficit daleks.
Borrowing to reduce unemployment and increase growth will pay for itself.
Tiny Guyana hoped to see unprecedented wealth this year as ExxonMobil’s offshore wells began pumping out crude. Instead, it got a pandemic and political strife. Other oil states are struggling, too.
The Trump administration is asking for US$850 billion in stimulus spending. Given the debt’s already at record levels, can the US afford it?
The World Bank’s latest report on Nigeria deserved closer scrutiny, just like the opinions of economic experts outside government.
Political leaders are ignoring dangerous threats to American national sovereignty, security and citizens’ peace of mind.