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Chinese cities owe $1.65 trln, some ‘may default’
BEIJING (AFP) – Chinese local governments held $1.65 trillion in debt by the end of 2010, the state auditor said on Monday, warning that there was a risk that some could default. Excessive borrowing by authorities to fund infrastructure and other projects has sparked fears among China’s leadership about the…
Stimulus efforts curbed by deficit: Geithner
WASHINGTON (AFP) – The massive US budget deficit means the United States will be unable to use deficit spending to stimulate the economy for many years to come, Treasury Secretary Timothy Geithner said Friday. “It’s not going to be possible in the next decade. We’ve lost the chance,” Geithner told…
Newt Gingrich had a second line of credit at Tiffany’s
Newt Gingrich’s presidential campaign acknowledged Tuesday that Gingrich had a second line of credit at the jewelry store Tiffany’s for as much as $1 million dollars. The Washington Post reported that Joe DeSantis, a spokesman for Gingrich, said the Republican presidential hopeful’s personal financial disclosure filing will show that he…
Fitch Ratings sees risk of Greek, U.S. debt defaults
SINGAPORE (Reuters) – Fitch Ratings warned it would treat a voluntary rollover of Greece’s sovereign bonds in any rescue package as a default and would cut the credit rating, keeping pressure on European policymakers who intend to outline a new plan by mid July. Fractious euro zone finance ministers are…
IMF: Greek debt could trigger fresh global crisis
The International Monetary Fund warned Monday that Greece’s ongoing public debt crisis could result in a new global financial catastrophe if the European Union does not act quickly to stabilize the situation. While the fund did note that the European recovery does seem to be moving on pace, the Greek…
Chinese ratings house: U.S. government already defaulting on debts
A Chinese ratings house has accused the United States of defaulting on its massive debt, state media said Friday, a day after Beijing urged Washington to put its fiscal house in order. “In our opinion, the United States has already been defaulting,” Guan Jianzhong, president of Dagong Global Credit Rating…
Ford plans 50 percent production jump by 2015
DETROIT — Ford Motor Co. said Tuesday it would kick up production by 50 percent by 2015, while quickly reducing debt to regain a quality credit rating within the next year. Chief financial officer Lewis Booth said he expected the still-recovering industry to produce 95-100 million vehicles by around 2015,…
Schumer: Medicare benefit cuts are off the table
WASHINGTON – A key Senate Democrat said Monday that his party is willing to make a deal on reducing Medicare expenses but drew a hard line in the sand on benefit cuts as part of the debt limit negotiations. “We’re not going to go along with any cuts to beneficiaries…
McConnell: No debt limit increase without Medicare cuts
WASHINGTON – Senate Republican leader Mitch McConnell (KY) told reporters Friday that he will refuse to support a debt limit increase if Medicare cuts aren’t attached to the legislation. “To get my vote, for me, it’s going to take short term [cuts, via spending caps]… Both medium and long-term, entitlements.,”…
Rep. David Camp to vote against his own bill to raise debt ceiling
WASHINGTON — Republican US congressman Dave Camp introduced legislation Tuesday to raise the US debt ceiling but he plans to vote against it because he also wants the bill to include drastic budget cuts. “Let me be clear: I do not support and will not vote for a debt limit…
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