debt
Madison (United States) (AFP) - US President Joe Biden unveiled fresh plans Monday to reduce student loan debt for tens of millions of Americans, in bid to win over young voters as he seeks reelection in November. The conservative-dominated US Supreme Court last year struck down the Democrat's earlier proposals to cancel several hundred billion dollars of debt. But Biden said the court -- which features three judges appointed by his Republican election rival Donald Trump -- would "never stop" his efforts to deal with the issue. "Today too many Americans, especially young people, are saddled wi...
AFP
Beijing (AFP) - Zambia's President Hakainde Hichilema will begin an official visit to China on Sunday, as the heavily indebted African nation works to secure financial relief after a restructuring agreement reached in June. Hichilema has enjoyed an increasingly close relationship with the United States, with President Joe Biden hailing his commitment to democracy at successive US-Africa and democracy summits. But China is Zambia's leading creditor and holds huge stakes in its mining sector. China has launched a major infrastructure drive, including new airports, roads, factories, stadiums and ...
AFP
McLean (United States) (AFP) - A US credit downgrade by Fitch was "entirely unwarranted," Treasury Secretary Janet Yellen said Wednesday, pushing back against the second-ever decrease by a major ratings agency following repeated debt limit standoffs in Washington. Her remarks came a day after the world's biggest economy lost its top-tier credit rating from Fitch as the agency lowered it a notch from AAA to AA+, drawing fiery disapproval from the White House and Treasury. The action was on the back of the United States' growing federal debt burden and an "erosion of governance" resulting in mul...
AFP
Washington (AFP) - US President Joe Biden on Saturday signed into law a debt ceiling bill passed by Congress after weeks of wrangling, moving to avert a catastrophic, self-induced default in the world's biggest economy. The Fiscal Responsibility Act of 2023 authorizes the government to extend the so-called debt ceiling to renew borrowing, keeping the bills paid. The Treasury had warned that if the debt ceiling was blocked beyond Monday, the country would default on its $31 trillion debt. A default would have likely triggered market panic, huge job losses and a recession, with global implicatio...
AFP
Washington (AFP) - US President Joe Biden told Americans on Friday in a rare Oval Office address that the debt ceiling bill passed by Congress after weeks of wrangling saved the country from "economic collapse." Speaking from behind the historic Resolute Desk on live primetime television, Biden said that the deal resolving the standoff between Democrats and Republicans was a compromise where "no one got everything they wanted." "We averted an economic crisis and an economic collapse," he said, adding that "the stakes could not have been higher." Biden said he will sign the bill, which authoriz...
AFP
Washington (AFP) - Ratings agency Fitch said Friday that it is keeping the United States' "AAA" credit rating on negative watch, despite a bipartisan agreement on the debt limit to avert a catastrophic default. The decision came a day after US senators voted to suspend the federal debt limit, capping weeks of fraught negotiations to eliminate the threat of a disastrous credit default just four days ahead of a deadline set by the Treasury. Hammered out between Democratic President Joe Biden and Republican leaders, the measure passed the Senate with a comfortable majority a day after sailing thr...
AFP
Washington (AFP) - US senators voted to suspend the federal debt limit Thursday, capping weeks of fraught negotiations to eliminate the threat of a disastrous credit default just four days ahead of the deadline set by the Treasury. Economists had warned the country could run out of money to pay its bills by Monday -- leaving almost no room for delays in enacting the Fiscal Responsibility Act, which extends the government's borrowing authority through 2024 while trimming federal spending. Hammered out between Democratic President Joe Biden and the Republicans, the measure passed the Senate with...
AFP
Washington (AFP) - US senators raced Thursday to pass a bipartisan debt limit deal approved overwhelmingly by the House of Representatives, with the worst-case scenario of an economy-cratering default seemingly avoided. The Treasury has warned it could run out of money to pay its bills by Monday -- leaving almost no room for delays in enacting the Fiscal Responsibility Act, which suspends the debt limit through 2024 while trimming federal spending. The bill passed the House on Wednesday with a big majority of 314 votes to 117 -- putting it on a glide path to the White House for President Joe B...
AFP
Washington (AFP) - Like bomb squad technicians who just snipped the last wire on a ticking device, Joe Biden and top Republican Kevin McCarthy are breathing a sigh of relief after reaching a deal on the US debt ceiling. The fact they are on opposing sides in the political war gripping Washington makes their exploit all the more remarkable. Biden is a Democratic president running for re-election next year who initially refused even to negotiate over raising the debt ceiling, insisting that Republicans controling the House of Representatives had a constitutional duty to protect the country from ...
AFP
Washington (AFP) - US lawmakers voted Wednesday to raise the national borrowing limit as a crucial first step to averting a catastrophic default, greenlighting a pact struck between Washington's warring parties after weeks of brinkmanship and fraught backroom deal-making. Hammered out between Democratic President Joe Biden and the Republicans in the House of Representatives, the measure suspends the debt ceiling through 2024, slightly cutting government spending next year. "Passing the Fiscal Responsibility Act is a crucial first step for putting America back on track," said Speaker Kevin McCa...
AFP
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