Billionaire Elon Musk took to X, formerly Twitter, to unleash a scathing criticism of President Donald Trump’s new spending and tax bill. “I’m sorry, but I just can’t stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You … Read more
There’s a storm of private and public debt troubles that’s headed for the market. Warning signs have sprung up in rising credit card balances, delinquencies, and other indicators. Here are the signs that the US is dealing with troubles stemming from its mountain of debt. A storm of public and private debt is brewing in … Read more
Hoping to avert an outcome that would rattle the global economy and prove to be a boon to Beijing, Biden opened his third day in Japan at the annual Group of Seven meeting of the world’s most powerful democracies with a briefing from his staff on the latest fits and starts in talks over how … Read more
Treasury Secretary Janet Yellen on Tuesday warned that a U.S. default on government debt would leave millions of Americans without income payments, potentially triggering a recession that destroys many American jobs and businesses. Yellen told a gathering of community bankers that the unprecedented economic and financial crisis would be exacerbated by possible disruptions to the … Read more
Treasury Secretary Janet Yellen informed congressional leaders including House Speaker Kevin McCarthy that her department had begun using extraordinary cash management measures that could stave off default until June 5. Republicans, with a newly won House majority, aim to use the time until the Treasury’s emergency maneuvers are exhausted to exact spending cuts from Biden … Read more