Neil Harrigan

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What Happens If We Approach the Debt Ceiling? Here's What Happened in 2011

The stock market freaked out. Mortgage rates rose. And it cost taxpayers $19 billion over the next decade.<p>It's hard to say happens if we blast through the debt ceiling in the middle of October, because it's never happened before in American history. But it would almost certainly be something very, …

The next debt-ceiling battle may get pushed back to Thanksgiving

One of Washington’s upcoming fiscal brawls may be pushed back as far as late fall.<p>The nonpartisan Congressional Budget Office on Tuesday said the …

The new debt ceiling will be crucial

The CBO on Tuesday said in a report that the Treasury Department will begin to run out of cash between mid-November and early December.<p>If the CBO is right, Congress will have more time for horse trading than Treasury Secretary Jack Lew suggested last month.<p>In July, Lew warned Congress that the …

Economics

GOP Tees Up 'Default Prevention' Bill In Case Congress Fails To Raise Debt Ceiling

Democrats say the bill actually makes a government shutdown more likely.<p>WASHINGTON -- A Republican-backed bill that would ensure America's creditors get paid before its citizens do if the nation reaches its debt limit passed a key committee Thursday, prompting Democrats to accuse the GOP of paving …

Debt ceiling: President Obama has the power to raise the debt limit without Congress.

With the fiscal cliff behind us, we now must look forward to yet another budgetary battle—over the debt ceiling, in a repeat of summer 2011. Is there …

On Lawmakers’ Agenda: Raise the Debt Ceiling

Standoff over borrowing limit spooks economists, investors<p>WASHINGTON—Lawmakers back to Capitol Hill this week face a packed agenda of unfinished fiscal business ripe for partisan scrapes. For economists and investors, one item stands out: Raising the government’s federal borrowing limit.<p>“Of all the …

Economics

Not Raising the Debt Ceiling: A Crisis, If We're Lucky, a Historic Calamity If We're Not

If we don't raise the debt limit, we know we would get mega-austerity and maybe a new financial crisis. But just how bad could it get?<p><b>Scenario #1: Treasury can prioritize the debt, so we get austerity but not default</b>. Suppose the government doesn't pay its bills as they come due. Suppose instead it …

Debt Ceiling Will Be Hit After October, Obama Administration Warns Congress

Treasury Secretary Lew urges lawmakers to act before deadline nears.<p>WASHINGTON -- The United States government will be unable to pay its bills shortly after the end of October, the Treasury Department warned Congress on Thursday.<p>In a letter to lawmakers, Treasury Secretary Jacob Lew said the …

Forbes Welcome

7 things you need to know about the debt ceiling (yes, that again)

It's like a super-annoying ex: It comes around way too often and stirs up a fight that leaves you with a pounding headache.<p>The debt ceiling. Yeah, it's back. Again. (Please don't blame the messenger.)<p>In the next few weeks,Congress must decide about raising the ceiling on how much debt the federal …

Boehner doesn't rule out raising debt ceiling before he departs

Can outgoing House Speaker avert the biggest looming disaster for his successor, House Republicans taking the debt ceiling hostage? He is not ruling …

Odd? National Debt Stuck at Exactly $16,699,396,000,000 for 70 Days

The U.S. national debt for the past 70 days has been stuck at exactly $16,699,396,000,000, CNSNews.com reports, citing the Daily Treasury Statement for July 26.<p>“That is approximately $25 million below the legal limit of $16,699,421,095,673.60 that Congress has imposed on the debt,” the report notes.<p>…

Demystifying the national debt

April 10, 2012 | 12:00 AM<p><b>Kai Ryssdal:</b> A quick check of the official Treasury Department Debt Clock today brings us this sobering number: $15.6 trillion. It's actually $15.6 trillion and 83 cents, but we'll just round down.<p>What to do about that debt is helping to shape the election this fall. Just …

Economics

Your Debt, Our Nation's Headache

On this day 56 years ago, the U.S. economy began to undergo a momentous change. It was Oct. 1, 1958, and the company known best for its Travelers …

National debt exceeds $18T, sparking renewed criticism of spending under Obama

The national debt has passed the $18 trillion mark, sparking renewed criticism Tuesday from Republicans and other fiscal conservatives over the soaring trajectory of government spending under President Obama.<p>“This is a sad milestone for America,” Reince Priebus, chairman of the Republican National …

The story behind Obama and the national debt, in 7 charts

Since President Obama took office, the national debt has increased by $7.4 trillion. On January 20, 2009, it stood at $10.6 trillion; on Monday, it was at $18 trillion. That bit of data leapt to the front page of The Drudge Report on Tuesday, linking to an assessment from CNS News.com. The …

Does Obama have the ‘worst’ record of any president on the national debt?

<b>President Obama has “the worst record of any president when it comes to putting America deeper in debt.”</b><p>— <i>Reince Priebus</i><i>, chairman of the Republican Nation Committee, Dec. 2, 2014</i><p>Just when we were beginning to think that politicians in Washington no longer cared much about the national debt, the RNC …

Q&A: What the $18 Trillion National Debt Means for the U.S. Economy

The U.S. national debt recently topped $18 trillion, and deficits may start to climb again by 2018. What does it mean for the U.S. economy?<p>President Barack Obama is set to release his new budget Monday. Economics reporters Nick Timiraos and Josh Zumbrun answered your questions about the deficit and …

Economics

Zero National Debt? Not Long Ago, Budget Forecasters Planned for It

What a difference a decade and change makes. At the turn of the century, the U.S. was running surpluses and had a national debt of just $3.4 trillion. The economy had been growing for nearly a decade without interruption. So when President Bill Clinton and President George W. Bush drew up their …

Bill Clinton

Obama continues debt talks with Democrats, then Republicans - CNN.com

Sen. Tom Coburn, R-Oklahoma, rejoined the "Gang of Six" after withdrawing from the group.<p><b>Washington (CNN)</b> -- President Barack Obama held separate meetings Wednesday with top congressional Democrats and Republicans as part of ongoing talks on a measure that would raise the nation's debt ceiling by …

The Mystery Of The "Missing Inflation" Solved, And Why The US Housing Crisis Is About To Get Much Worse

Over the past few months (not to mention last 7 years), the topic of America's "missing inflation" has gained major prominence, because while …

SF FED: Market-based inflation forecasts stink

Federal Reserve Chair Janet Yellen said last week the drop in market-based inflation expectations over the past month had caught the Fed's attention, and the Fed's statement explaining the central bank's decision to hold rates steady also mentioned the decrease.<p>Worries about low inflation indeed …

Inflation-Expectation Gauge Falls to Lowest in Six Years

A market-based gauge of U.S. inflation expectations dipped to the lowest level since 2009 Thursday, hours before Federal Reserve Chair Janet Yellen is set to talk about inflation and monetary policy.

JANET YELLEN: One of these 9 slides makes me think we could get inflation wrong

Reviewing the history and the current state of inflation, Yellen used nine slides to argue that inflation expectations are critical for the actual realized direction of inflation.<p>Furthermore, she argues that the forces holding back inflation today are "transitory" and likely to let up on prices.<p>"I …

Can We Rely on Market-Based Inflation Forecasts?

Can We Rely on Market-Based Inflation Forecasts?<br>Michael D. Bauer and Erin McCarthy<br>FRBSF Economic Letter, September 21, 2015 A substantial decline in …

Yellen says changing inflation goal wouldn’t do much

Federal Reserve Chairwoman Janet Yellen says there’s not much point in modifying the central bank’s inflation target.<p>In a speech on inflation …

Here's why labor's share of GDP has been declining for 40 years

Why Has Labor's Share of Gross Domestic Product (GDP) been declining for 40 Years? The question cuts right to the heart of the core socio-economic issues of our era: the decline of secure work and the explosive rise of wealth and income inequality.<p>Over time, economic trends typically reflect macro …