Debt Ceiling

Getty

Debt Default 'A Pure Act Of Idiocy'

OMAHA, Neb. - Billionaire Warren Buffett said Wednesday it would be idiocy for the nation's leaders to allow the United States to default on its bills.Buffett is a renowned investor who leads the Berk...
Getty

Does U.S. Debt Ceiling Debate Compromise Citizens' Money Morals?

The U.S. debt was $1-trillion in 1982, and at $12.1-trillion just four years ago. It's now at $16.7-trillion and needing to be raised on Oct. 17th, or the country will be unable to pay its bills and will default on debt payments. This sends a clear message to a debt-ridden populace: that their own government doesn't even take debt that seriously.
Alamy

Loonie Lower On Debt Ceiling Concerns

TORONTO - Canada's commodity-sensitive dollar closed slightly lower Tuesday as a stronger U.S. greenback pressured prices for oil and copper.The loonie slipped 0.03 of a cent from Monday's close to 10...
AP

How Canucks Avoided the Fiscal Cliff

In a few days the "fiscal cliff" deadline will arrive and potentially bring massive automatic spending cuts and tax increases to the U.S. Even if Congress and the President agree to avoid the cliff, the next crisis awaits. It has long been said that when the U.S. sneezes, Canada catches a cold. So why have these debt-related ailments in the U.S. not afflicted the Canadian government? The answer is that Canada has been practicing what the U.S. always preached. That is why we Canucks are not jumping off cliffs or smashing into ceilings.
AP

Pffft: It's Not Like We Wanted to Be #1 Anyway

With the release of the latest growth projections from the Bank of Canada and the International Monetary Fund (IMF), it appears that Canada's two-year run at the top of the G7 group of countries could be coming to an end. Both the Bank of Canada and the IMF have lowered this year's growth predictions, paving the way for - get this - America to take over the top spot.
AP

The Super Committee's Lost Opportunity

As Americans head into their Thanksgiving long weekend, they will have plenty of things to be thankful for. Unfortunately, an effective government will not be one of them. There was a feeling that members of Congress would get their respective acts together and put to rest any doubts over fiscal repair in the U.S.
AP File

Obama, Stop Lecturing and Start Leading

My American friends argue that this president is the victim of some of the nastiest racism possible. There are people who would prefer to see the States go down rather than see him succeed. Perhaps this is so, but Mr. President, rise to the challenge and speak directly to the American people!
AP

Europe's Choice: To Capitulate or Decapitate

The EU must decide whether or not to take the 'union' to its logical endgame. Creation of a single currency zone, without the strength of a centralized fiscal power to effect stabilization and redistribution, was never a sound economic idea. It was always a political idea.
CP

TSX Skids To Eight-And-A-Half Month Low

TORONTO (Reuters) - Toronto's main stock index hit its lowest level since November on Tuesday after a U.S. deal to avoid a government debt default failed to distract investors from recent dismal econo...
AP

Markets Unimpressed By Debt Deal

BEIJING, China - Global stock markets tumbled Tuesday after downbeat U.S. data fueled fears the world's largest economy might be sliding back into recession. Oil prices fell to near $94 a barrel on ex...

The Crisis of Credibility

From sex-abuse scandals within churches to the stupefying fiascoes on Wall Street and in the Gulf of Mexico, a general malaise has replaced our optimism. For academics concerned by the crisis of credibility in our political, economic, and social institutions, it is time to take a good look in the mirror.
AP

U.S. Debt Ceiling Debate Speaks to Dysfunctional System

The complexity of passing legislation through Congress with an intransigent Republican Party is something we should be worried about here in Canada, too. There is the prospect that the federal government, Canada's largest province, and Canada's largest city could all be governed by ideological conservatives.

Vote For US Debt Deal May Not Solve The Crisis

"It postpones it for a little bit. It has all the essence of a compromise, which is that no one is really that happy about it. "I would say Obama supporters, the liberals, are far less happy as it's m...
AP File

The Tea Party Deadbeats

One popular Tea Party spokesman is Joe Walsh of Chicago, who is a deadbeat dad according to a lawsuit filed by his ex-wife for $117,343 in unpaid child support payments. Court documents also say his h...
AP/File

AAA Debt Rating: What Would Life Be Like Without it?

At the end of the day there is nothing sacred about that AAA stamp on Washington IOUs. Since the popular press has done a good job in linking the Aug. 2 deadline with the future of the U.S. credit rating, many believe that getting a debt authorization increase by this date will protect it. That would be naïve.
AP

Flaherty 'Very Concerned' About Debt Crisis

BURLINGTON, Ont. - Finance Minister Jim Flaherty said Tuesday that he is "very concerned" about the debt crisis in the United States, warning that Canada would feel an impact if Washington defaulted on its loans.But Flaherty also said he believed that U.S. legislators would reach an agreement allowing Washington to raise its debt ceiling before the Aug. 2 deadline.
AP

Looming US Spending Cuts Will Hurt Canadian Growth: Economists

MONTREAL - Canada likely faces slower economic growth even if the United States manages to avoid default on its debt or a credit rating downgrade, economists said Wednesday.The U.S. government's need to cut spending by between US$2 trillion and US$4 trillion over a decade would delay its recovery and drag down Canada's rebound because the two economies are so closely linked.
AP

US Treasury Secretary: 'Unthinkable' US Would Default On Debt

WASHINGTON - Treasury Secretary Timothy Geithner (GYT'-nur) says congressional leaders are putting together a framework for raising the nation's debt limit with a goal of announcing a deal before Asian markets open Sunday afternoon.US officials worry that a lack of significant progress on the debt ceiling and other debt issues would roil worldwide markets when they open for business.