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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 ...
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 ...
What happens if the government defaults on the debt? A default would occur if the U.S. failed to pay bondholders who have lent money to the government. The United States has never defaulted on its ...
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 CBO notes, that prioritization would not avoid the technical definition found in Black's Law Dictionary where default is defined as “the failure to make a payment when due.” [75] Many scholars argue that debt ceiling law is unconstitutional and there is no legal basis by which the U.S. government may default on any of its debt.
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...
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 ...
Analysts are raising the alarm about the looming possibility of the U.S. defaulting on its debt earlier than anticipated. If that were to happen, the consequences could be disastrous for the ...