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State defaults in the United States are instances of states within the United States defaulting on their debt. The last instance of such a default took place during the Great Depression, in 1933, when the state of Arkansas defaulted on its highway bonds, which had long-lasting consequences for the state. [1]
By 1841, nineteen of the twenty-six U.S. states and two of the three territories had issued bonds and incurred state debt. [1] Of these, the aforementioned states and territory were forced to default on payments. Four states ultimately repudiated all or part of their debts, and three went through substantial renegotiations. [2]
This is a list of U.S. states by credit rating, showing credit ratings for sovereign bonds as reported by the three major credit rating agencies: Standard & Poor's, Fitch and Moody's. The list is given as of May 2021.
“Extraordinary measures” will be needed to keep the US from defaulting on its obligations if the nation’s debt ceiling isn’t raised or suspended by mid-January, Treasury Secretary Janet ...
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 debts. That’s part of why U.S. Treasury bonds are ...
The U.S. needs to keep borrowing to fund expenditures, and a default would make that stop immediately. Internationally, the U.S. dollar is where countries keep their currency for international ...
A failure of a nation to meet bond repayments has been seen on many occasions. Medieval England lived through multiple defaults on debt, [17] Philip II of Spain defaulted on debt four times – in 1557, 1560, 1575 and 1596. This sovereign default threw the German banking houses into chaos and ended the reign of the Fuggers as Spanish financiers.
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 ...