California businesses — and households that pay payroll taxes on domestic employees — are waking up to the reality that they are being forced to pay for the state’s default on $20 billion in federal loans to cover a COVID-era shortfall.
A Hong Kong court on Monday ordered the gigantic China Evergrande Group to liquidate, a long-feared but perhaps inevitable step that brings China’s troubled property market one step closer to a dangerous crisis.
Ethiopia on Tuesday became the third African nation in three years to default on its sovereign debt, following Zambia and Ghana.
On Thursday’s broadcast of MSNBC’s “Morning Joe,” Steve Rattner, who served as counselor to the Treasury Secretary in the Obama administration, and also serves as the show’s Economic Analyst, stated that default rates on credit cards and auto loans have
On Thursday’s broadcast of MSNBC’s “Andrea Mitchell Reports,” Sen. Jeff Merkley (D-OR) said that he plans to vote against the debt ceiling bill and one reason is because of the bill’s “significant impact…on fighting climate, which is the biggest issue
On Tuesday’s broadcast of NBC’s “MTP Now,” Rep. Debbie Dingell (D-MI) stated that while failing to raise the debt limit could cause a recession or depression, she might not support the bill to raise the debt limit and one issue
On Tuesday’s broadcast of Bloomberg’s “Sound On,” Rep. Debbie Wasserman Schultz (D-FL) responded to a question on whether the debt limit bill will help President Joe Biden win re-election in the 2024 election by stating that “any time that you
White House press secretary Karine Jean-Pierre slammed House Republicans on Thursday for not avoiding default by raising the debt limit after House Republicans passed a bill on Wednesday to raise the debt limit to avoid default.
On Monday’s broadcast of the Fox News Channel’s “Your World,” Rep. Bob Good (R-VA) stated that President Joe Biden and the Senate shouldn’t “risk a government shutdown or some kind of a government default by recklessly rejecting spending cuts” that
Dozens of housing projects across China recently resumed construction after their stalled progress inspired a nationwide boycott in which Chinese homebuyers pledged to halt mortgage payments on pre-purchased, unfinished homes until building continued, China’s state-run Global Times reported on Sunday.
Chinese state regulators vowed to help local governments complete unfinished property projects on Thursday after 100-plus delayed housing projects nationwide reported mortgage defaults in recent days, the state-run Global Times reported.
The Biden White House announced on Monday that Russia defaulted on its international bonds for the first time in over a century, ostensibly because the pressure of international sanctions is crushing the Russian government financially.
The U.S. will close the last avenue for Russia to pay its billions in debt back to international investors on Wednesday, making a Russian default on its debts for the first time since the Bolshevik Revolution all but inevitable.
Sri Lanka on Tuesday announced plans to temporarily default on its foreign debt, calling the measure a “last resort” designed to prevent “permanent damage” to the island nation’s economy amid its worst fiscal crisis in more than 70 years.
The federal government will run out of money in 21 days from Friday.
Americans will blame Democrats and not Republicans for the impending debt default and possible shutdown, a Wednesday Morning Consult/Politico poll revealed.
Betsy DeVos has halted collection actions and wage garnishments against students who have defaulted on their education loans.
The Trump administration is trying to address the U.S. government’s $1.45 trillion student loan portfolio, including hiring consultants.
The media and the Democrats are deseperate to find a Hurricane Katrina in Puerto Rico, and to deny President Donald Trump’s capable and compassionate response to Hurricanes Harvey, Irma, and Maria.
As Orange County, Ca. was making its final bankruptcy bond payment to end its 23-year bankruptcy reorganization; Illinois, Connecticut, and Maine went into default shut-downs after failing to pass state budgets before the start of their July 1st fiscal years.
About 28 percent of Southern California purchasers of single family homes are relying on parental co-signers to buy unaffordable houses.
Puerto Rico is set to file the largest public sector bankruptcy in history after vulture capitalist hedge funds that bought big pieces of the island’s $73 billion in defaulted debt for pennies-on the-dollar refused to take $24 billion haircut.
The Los Angeles Times reports a new effort to shut down local natural gas power plants due to the possibility of a 21 percent electrical capacity glut by 2020. But shrinking the surplus generation cushion runs the risk of launching another energy crisis like the one that caused Governor Gray Davis’ recall.
All 3.5 million Puerto Ricans residents were without power for a second day Thursday following a fire at the grossly inefficient and allegedly corrupt government-owned electrical utility.
The Obama administration has picked seven people to serve on a financial control board overseeing the restructuring of the Commonwealth of Puerto Rico’s $70 billion debt burden and $43 billion unfunded pension liability. Under congressional legislation signed after the island
Despite Congress being ready to pass special legislation to restructure its $70 billion in debt, the Governor of Puerto Rico announced that the U.S. Territory will default on July 1.
With the governor of Puerto Rico refusing to pay interest on $370 million of $73 billion of debt by 5 p.m. on Monday, May 2, the U.S. territory will enter the third-largest default in history of the planet.
The Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) is a bill in the U.S. House of Representatives that would, very broadly speaking, allow Puerto Rico to cancel nearly half of its $72 billion debt, in exchange for surrendering much control over its fiscal affairs to an independent financial control board.
Although House Speaker Paul Ryan (R-WI) warned that Congress needs to “bring order to the chaos” in Puerto Rico, conservative House Republicans are giving the cold shoulder to a plan that would let Puerto Rico wipe out $33 billion of its $73 billion debt in bankruptcy.
With the U.S. taxpayer guaranteeing $1.2 trillion of student loans, only about half are being repaid.
Puerto Rico officially defaulted on part of its $73 billion in debt on Monday afternoon, when the U.S. territory only paid $628,000 toward a $58 million debt due by 5 p.m.
As Greece breaks apart on the rocky shores of the European Union, the man who did so much to run his nation’s finances aground has decided to call it quits. The New York Times sees the sudden resignation of “combative” Finance Minister Yanis Varoufakis as a gesture of “conciliation” between the socialist Syriza government and a thoroughly fed-up European Union, but it might be premature to talk about Greece making peace with its creditors.
San Bernardino, which owed almost $10 million on its pension bond debt ever since it declared bankruptcy in 2012, has defaulted, according to Reuters. Since September, the city has avoided dealing with the bondholders, who have been left out in the cold.
