U.S. national debt eclipses $34 trillion for first time
The new milestone comes as lawmakers brace for fiscal showdowns over spending levels in the new year.
Debt
Biden administration aims to scrub medical debt from credit scores, boosting ratings for millions
In addition to pulling medical bills from credit reports, the proposal would prevent creditors from using medical bills when deciding on loans and stop debt collectors from using credit ratings to pressure people with health care-related debt.
Credit downgrade for federal government shocks Biden aides, as more debt fights loom
While it caught the White House by surprise, the decision to downgrade U.S. government debt reflects Washington’s persistent battles over rising federal debt, now projected to approach levels unseen since the end of World War II.
Congressional Budget Office: U.S. debt to soar over next 30 years
The nonpartisan agency estimates in its latest 30-year outlook, released Wednesday, that publicly held debt will be equal to a record 181% of American economic activity by 2053.
Fishers-based collection agency ordered to pay $1.68M penalty
The Consumer Financial Protection Bureau issued a consent order last week against Fishers-based Phoenix Financial Services over alleged violations of federal debt-collection and credit-reporting laws.
Debt ceiling talks teeter on brink, as lawmakers leave for weekend without deal
Lawmakers are tentatively not expected back at work until Tuesday, just two days from June 1, when Treasury Secretary Janet Yellen has said the U.S. could start running out of cash to pay its bills and face a federal default.
Debt ceiling breach could wipe out 8 million jobs, White House says
The White House Council of Economic Advisers compared the potential economic impact of a debt ceiling breach to the 2008 Great Recession, in which economic growth contracts sharply and unemployment surges.
Data shows 542K Hoosiers applied for student debt relief from embattled loan forgiveness program
Next month, the Supreme Court will hear oral arguments in two cases seeking to overturn the debt relief policy that conservatives have panned as an expensive giveaway and executive overreach.
U.S. Treasury buys time for Biden, GOP on debt limit deal
The countdown toward a possible U.S. government default began Thursday with Treasury implementing accounting measures to buy time as frictions between President Joe Biden and House Republicans raise alarms.
How not-for-profits help millions tackle their medical debt
Millions of Americans have had medical debt paid by not-for-profits that receive increased support from a wide variety of grantmakers and donors, including MacKenzie Scott.
Experts differ on whether drop in personal savings rate is ominous
After squirreling away cash at record rates during the pandemic, Americans have taken a hard turn in the opposite direction, with the personal savings rate dropping to a 17-year low of 2.3% in October.
Judge dismisses six-state effort to halt student loan forgiveness plan
Earlier Thursday, Supreme Court Justice Amy Coney Barrett rejected an appeal from a Wisconsin taxpayers group seeking to stop the debt cancellation program.
USDA announces $1.3 billion debt relief for 36,000 farmers
The federal government announced Tuesday a program that will help farmers who have fallen behind on loan payments or face foreclosure.
More debt, higher fees: Credit card borrowers face mounting burdens
Credit card debt is rising at its fastest clip in more than 20 years, according to the Federal Reserve Bank of New York. Overall, Americans owe $887 billion on their credit cards, a 13 percent increase from a year ago.
White House: More than 850K Hoosiers eligible for student loan debt forgiveness
Most of those Indiana recipients could have up to $20,000 forgiven because they received Pell Grants, which are provided to students whose families can’t help them pay for college.
House sends debt-limit hike to Biden, staving off default
Members of the House on Tuesday pushed through a $480 billion increase to the nation’s debt limit, ensuring the federal government can continue fully paying its bills into December.
Advocates, lawmakers push hospitals to help more with bills
The Affordable Care Act requires not-for-profit hospitals to tell patients about financial help, but it leaves the details for how that gets done or the extent of the assistance largely up to them. Patient counselors see little consistency.
Senate passes bill to raise debt ceiling into early December
The debt-ceiling increase covers federal borrowing only until about Dec. 3. That means Congress faces yet another deadline to stave off default and prevent a government shutdown, two urgent tasks that carry significant political and economic consequences in the case of failure.
Default crisis dodged until December with Senate debt accord
Senate leaders announced an agreement Thursday to extend the government’s borrowing authority into December, temporarily averting an unprecedented federal default that experts say would have devastated the economy.
Biden: Senate filibuster change on debt a ‘real possibility’
Invoking a filibuster rules change won’t be easy, in part because all Democratic senators would need to be on board.