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With most debt (including corporate debt, mortgages and bank loans) a covenant is included in the debt contract which states that the total amount owed becomes immediately payable on the first instance of a default of payment. Generally, if the debtor defaults on any debt to the lender, a cross default covenant in the debt contract states that ...
The debt ceiling is a limit that Congress imposes on how much debt the federal government can carry at any given time. When the ceiling is reached, the U.S. Treasury Department cannot issue any ...
By the early 1930s, at the midst of the Great Depression, after the stock market crash and drought in the state, Arkansas had a catastrophic ratio of debt payments to income. [1] The total debt was more than $160 million and the state's annual payments grew unsustainable. [1] Some historians estimated that the state owed half its annual revenue ...
Day nine of the government shutdown. Still no end in sight. For 800,000 or so furloughed federal employees, this is tough. For most Americans, it's a mere annoyance. But that could change in the ...
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A default may affect the United States' sovereign risk rating and the interest rate that it will be required to pay on future debt. As of 2012, the U.S. defaulted on its financial obligations once in 1979, due to a computer backlog, but the periodic crises relating to the debt ceiling have led several rating agencies to United States federal ...
The U.S. could fail to pay all of its debt as early as June 1, which would send shockwaves through the economy and financial markets. But what would happen to ordinary Americans? See: Why Stealth...
payment default, i.e. the failure to pay principal or interest when it falls due for payment; prospective default, when payment is not yet due, but it is clear that it will not be capable of being paid when it does fall due. For example, a payment is due in three months' time but the borrower has been put into liquidation: and; covenant default ...