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Moody’s suggests U.S. eliminate debt ceiling

NEW YORK (Reuters) – Ratings agency Moody’s on Monday suggested the United States should eliminate its statutory limit on government debt to reduce uncertainty among bond holders. The United States is one of the few countries where Congress sets a ceiling on government debt, which creates “periodic uncertainty” over the…

Moody’s puts U.S. ratings on review for downgrade

NEW YORK (Reuters) – The United States may lose its top-notch credit rating in the next few weeks if lawmakers fail to increase the country’s legal borrowing limit and the government misses debt payments, Moody’s Investors Service warned on Wednesday. Moody’s is the first of the big-three credit rating agencies to place the…

BofA sets aside $14 bn for U.S. mortgage claims

Bank of America said Wednesday it would set aside a massive $14 billion to settle claims from angry investors for losses on dodgy mortgage-backed securities in the country’s housing collapse. Hoping to put its disastrous 2007 purchase of mortgage lender Countrywide Financial behind it, Bank of America said it would…

Amidst record unemployment, US companies hoard $1 trillion of cash

NEW YORK (Reuters) – U.S. companies are hoarding almost $1 trillion in cash but are unlikely to spend on expanding their business and hiring new employees due to continuing uncertainty about the strength of the economy, Moody’s Investors Service said on Tuesday. As the economy stabilizes companies are also more…

Gulf oil disaster could destroy over 100,000 jobs

The impact of the Gulf of Mexico oil spill was thrown into sharp relief Tuesday, as US data showed rising unemployment in Louisiana and experts warned the disaster could cost up to 100,000 jobs. The US Department of Labor said Louisiana — among the US states worst hit by the…

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