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    U.S. Debt Now Surpasses 2010 GDP

    The U.S. Treasury Department came out today with its Debt Position and Activity Report for July. The news is bleak. With the additional $238 billion the Treasury immediately borrowed when the debt ceiling was raised on August 2, total current debt now exceeds 2010 gross domestic product (GDP) for the … More

    Top 10 Reads: July 27, 2011

    Catching you up on clips, commentary and news of the day. Sign up for the daily email update from Scribe. 10 Reasons Each Side Thinks It Can Win the Debt Debate – Carl M. Cannon GOP leaders to conservatives: ‘How could you’? – Jonathan Strong Grab Your Pitchforks – Lucia Rafanelli … More

    Moody's Points to the Real Debt Judgment Day

    May 21, 2011, was supposed to be Judgment Day according to Harold Camping. It was, in a sense. As the day came and went, the world judged that Camping’s 15 minutes of fame were up. Treasury Secretary Tim Geithner may yet learn something from Camping. Geithner has been a whirlwind … More

    What the S&P's Warning on Spending Means for America

    United States government, be forewarned: Your credit won’t always be good if you fail to get control of the debt while keeping up your big-spending ways. And merely raising the debt limit won’t be enough to solve your problems. That was the message delivered yesterday by Standard & Poor’s (S&P) … More

    Is America’s AAA Rating in Trouble?

    America’s current predicament is that it borrows money from countries or individuals to finance many of its expensive obligations, including financing the $862 billion stimulus bill as well as the wars in Iraq and Afghanistan. But what would happen if America had to pay higher interest rates on all future … More