debt

The Two-Way
6:08 pm
Wed July 13, 2011

Moody's puts U.S. credit rating on review for possible downgrade

Originally published on Wed July 13, 2011 5:55 pm

As the clock ticks down to the Aug. 2 deadline to raise the debt ceiling, Moody's Investor Service became the first of the big-three rating agencies to put the United States' Aaa credit rating on review for possible downgrade.

Reuters reports:

In a statement, Moody's said it sees a "rising possibility that the statutory debt limit will not be raised on a timely basis, leading to a default on U.S. Treasury debt obligations."

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Politics
10:58 am
Wed July 13, 2011

Levin: Forget budget deficit, focus on debt ceiling

U.S. Sen. Carl Levin, (D) MI
(photo by Steve Carmody/Michigan Radio)

Michigan Senator Carl Levin wants all sides to give up trying to tie increasing the federal debt ceiling to a major cut in federal spending. The budget talks have stalled as President Obama and Congressional Republicans have been unable to agree on closing tax loopholes.

Levin says tying budget cuts to increasing the debt ceiling has been a bad idea.  

“Frankly never should have been combined.  We have no choice but to raise the debt ceiling.  We ought to reduce the deficit.  And we will.   But, whether we can do that in time to avoid a real calamity here which will occur if out debt ceiling is not raised is just anybody’s guess.”  

Congress has until August 2nd to agree to increase the federal government’s debt ceiling. After that, the government could possibly risk going into default.

Politics
5:01 pm
Tue July 12, 2011

Could Social Security checks be threatened by federal budget talks?

Officials with AARP Michigan are expecting to get a lot of telephone calls from concerned senior citizens, now with the president saying that their August Social Security checks might be delayed by federal budget talks. President Obama says without a budget deal the government may not send out social security, veterans and disability checks early next month.

Mark Hornbeck is the associate state director of AARP Michigan.    He says that could affect nearly 2 million Michiganders.

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Politics
4:04 pm
Mon July 11, 2011

The U.S. debt ceiling explained

Congress is debating the debt ceiling, so what is that?
user kulshrax Flickr

As many political pundits predicted, the debate over the federal debt ceiling is reaching a new level.

President Obama said in a news conference today that if Republicans refuse to budge in budget negotiations, then a debt ceiling deal probably won't be reached.

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Politics
4:01 pm
Sat July 9, 2011

Stabenow hopes Sunday's 'Debt Ceiling' talks will remember 'Middle Class Families'

U.S. Sen. Debbie Stabenow, (D) Michigan (file photo)
(photo by Steve Carmody/Michigan Radio)

Michigan Senator Debbie Stabenow says she hopes President Obama and Congressional leaders can strike a ‘balance’ in Sunday’s planned talks on extending the debt ceiling.  Stabenow says the President and Republicans should prioritize the needs of middle class Americans. 

“Its very concerning to me that we not see the budget be balanced on the backs of middle class families and senior citizens.”

Economy
5:25 pm
Wed July 6, 2011

Budget negotiations and the nation's debt ceiling (audio)

Capitol Hill, Washington D.C.
whitehouse.gov

The debate over the federal budget and the debt ceiling is heated, and there are very dire predictions from both Republican and Democratic leaders about what will happen if these issues aren’t resolved soon. But for Americans who are dealing with every day, immediate issues, this debate can seem distant.

Republican Congressman Mike Rogers represents Michigan's 8th Congressional District. He spoke with Michigan Radio's Jenn White about why people should care about this debate.

Congressman Rogers says these issues "impact the ability for our economy to grow and for people to get back to work."

Economy
11:12 am
Sat June 4, 2011

Any Way You Stack It, $14.3 Trillion Is A Mind-Bender

Stacked in dollar bills, the U.S. debt would stretch to the moon and back — twice. How can a brain deal with such big numbers?
iStockphoto.com

Originally published on Sat June 4, 2011 7:23 am

The U.S. government is $14.3 trillion in debt. When we first neared the trillion-dollar mark in 1981, President Ronald Reagan said that the height of our debt amounted to a stack of $1,000 bills about 67 miles high. That's somewhere in the thermosphere.

Today, that pile of $1,000 bills would be floating in space, more than 900 miles above the Earth. There aren't any $1,000 bills in circulation anymore, so here's an astronomical analogy about today's debt: If you stack up 14.3 trillion dollar bills, the pile would stretch to the moon and back twice.

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Politics
3:08 pm
Wed June 1, 2011

Walberg describes GOP meeting with Pres. Obama as 'congenial'

Rep. Tim Walberg (R) Michigan's 7th congressional district
(photo by Steve Carmody/Michigan Radio)

Michigan congressman Tim Walberg describes today’s meeting between Republican lawmakers and President Obama as ‘congenial’.   Walberg was among the GOP members of congress who outlined their concerns about the budget during the 90 minute meeting with the president at the White House. 

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Economy
11:55 am
Mon November 15, 2010

You fix the budget deficit

The New York Times "You Fix the Budget" interactive tool
Screen grab from the New York Times

It's easy to criticize. Now you're in charge.

The New York Times has created a slick little interactive tool that displays different solutions to the country's projected budget deficits.

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Student Loans
10:08 am
Fri September 10, 2010

Student loan debt outpaces credit card debt

It costs a lot of money to go to college.
Steve Carmody Michigan Radio

We collectively owe around $828 billion in revolving credit debt (that includes credit card debt), according to the latest numbers from the Federal Reserve.

Now, a column in the Detroit Free Press is reporting that for the first time ever, student loan debt has outstripped  revolving credit debt, coming in at $850 billion.

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