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The Latest Breaking News from National Debt

A standoff is coming in 2023 — and it’s over the national debt

WASHINGTON — President Joe Biden is headed toward a standoff over the national debt next year, when Republicans newly in control of the U.S. House threaten to demand concessions for raising the government’s legal borrowing limit.

Tribune News Service

Government debt won't necessarily burden future generations – but austerity will

In his autumn budget statement, Chancellor Jeremy Hunt said that the Conservatives don’t leave debts for the next generation. As such, he vowed to halve government borrowing over the next five years.

The Conversation

Credit card debt top issue for Australians calling the National Debt Helpline

Brooke Haebich is worried about her credit card debt. She is one of the many Australians who have contacted the National Debt Helpline this year.

ABC News

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Don’t be taken in by that £50bn ‘fiscal black hole’. It’s just a dodgy Tory metaphor

Drastic public sector belt-tightening is not an economic necessity but a political decision

The Guardian - UK

Nouriel Roubini says it's 'mission impossible' for the U.S. to avoid a recession

History tells us a recession is all but guaranteed next year, and Dr. Doom warns it could combine the worst of two big economic crises in past decades.

Fortune

The government is sitting on (nearly) a trillion dollars of debt. How big a problem is it?

In late June, Australia's national debt was $895 billion, but many economists argue the total, or gross debt figure is not the best debt figure to look at, Tom Lowrey writes.

ABC News

Pound falls and UK borrowing costs rise despite Jeremy Hunt debt promise

Chancellor says he will do ‘whatever is necessary’ to bring down national debt

The Guardian - UK

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Mike Pence caught sighing when asked about Kevin McCarthy pledge to limit Ukraine aid if GOP win midterms

The House minority leader said he supported Ukraine, but was concerned by the national debt

The Independent UK

Unearthed 2018 clip shows Liz Truss warn tax cuts like hers could lead to 'boom and bust'

The clip, taken in 2018, showed the PM appearing to contradict her £43billion plan to slash taxes, which will increase the national debt.

Daily Record

Liz Truss warned tax cuts like hers could lead to 'boom and bust' in unearthed 2018 clip

The embarrassing footage from when Liz Truss was at the Treasury appears to contradict her £43billion plan to slash taxes, which will hugely increase the national debt

Daily Mirror

US starts fiscal year with record $31 trillion in debt

The nation’s gross national debt has surpassed $31 trillion, according to a U.S. Treasury report released Tuesday

The Independent UK

A mountain of debt and soaring inflation: Challenges await Italy's Meloni

At the head of a right-wing coalition, far-right Brothers of Italy leader Giorgia Meloni is gearing up to become Italy's new head of government. On the economic front, she'll be faced with rising consumer prices as well as the ongoing issue of national debt. Meloni has promised to renegotiate her…

France 24

Five charts that will underpin chancellor’s mini-budget

From soaring inflation and gas prices to tax take and national debt, these are the trend lines that frame Kwasi Kwarteng’s calculations

The Guardian - UK

Saudi Ministry Signs Infrastructure Financing Deals Worth $6 Billion

Saudi Arabia’s finance ministry has signed financing agreements with local banks worth SAR25 billion ($6.65 billion) to fund infrastructure projects due to start in 2023-2024, the National Debt Management Center said on Wednesday. Saudi Arabia’s planned projects come in line with the ministry’s goal to enable and support strategic infrastructure…

Asharq Al-Awsat

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Daily Mirror

Energy bills set to be frozen at £2,500 for typical households - how we'll pay for it

New details are emerging of Liz Truss's plans to freeze gas and electricity bills this winter at around £2,500 for the typical household- which allies argue is about the same as current bills, once you factor in a £400 discount

The National (Scotland)

There’s no need for a national debt, now or in indy Scotland

THE City of London is home to many useful and responsible financial institutions. But this respectable facade also conceals a host of less savoury…

Asharq Al-Awsat

Saudi Arabia Prepares to Launch Individual Savings Sukuk

The Saudi Ministry of Finance and the National Debt Management Center (NDMC) are seeking to develop and launch individual savings Sukuk to motivate individuals to design better plans for the future and seek strategic partnerships with the private sector. The two entities signed a memorandum of understanding (MoU) with SNB…

Asharq Al-Awsat

Lebanese Face Long 'Insulting' Queues to Buy Bread

In bankrupt Lebanon, Khalil Mansour has to queue for hours every day just to buy bread for his family and some days he can't afford any. In a country which once boasted the nickname "Switzerland of the Middle East" for its thriving banking sector before financial crisis hit in 2019,…

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The Conversation

How costly political realities undercut Ghana's electricity reforms

Ghana reformed its electricity sector by the book but has lurched from blackouts between 2012 and 2015 to a glut of energy which costs government about 5% of GDP. Fitch ranks the energy sector as the biggest driver of national debt. How did this happen? It’s a classic case of…

ABC News

Financial counselling 'cleaned up so much mess' after Jacqueline's life was devastated by unexpected trauma

Jacqueline Goodwin became a widow with two babies at the age of 25. She says a financial counsellor helped her overcome extreme budget stress and she's not alone, with experts expecting a spike in mortgage repossessions amid the rising cost of living.

Reuters

Argentine anti-government protests build as president calls for unity

Argentine President Alberto Fernandez called for unity on Saturday as protesters marched in the capital to the gates of the presidential palace, lambasting his government over soaring inflation and a crushing national debt.

The Guardian - UK

UK economy ‘running on empty’ as high inflation threatens recession, and drives up borrowing costs – as it happened

UK business confidence falls to levels that signal a recession, as new orders growth weakens

The Guardian - US

Conservatives claim canceling US student debt will be expensive. They’re wrong

If Joe Biden signed an executive order tomorrow, the government won’t pay out a dime – federal student loan debt is already included in the national debt

The Independent UK

With deficit falling, Biden pivots to fiscal responsibility

President Joe Biden plans to highlight deficit reduction in remarks noting that the government will pay down the national debt this quarter for the first time in six years

Reason

Don't Wait! The National Debt Is Only Getting Worse

New CBO report shows that the longer Congress waits to deal with the debt, the bigger the problem becomes.

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