Congress needs to raise the debt limit by the end of September or risk default. Widespread support for storm aid could help get it done.
Early signs of concern about the federal debt ceiling are creeping into the financial markets, as President Donald Trump pressured lawmakers over how to proceed on the issue.
With debts piling up and lenders growing nervous, the U.S. Virgin Islands is approaching the same kind of fiscal crisis that engulfed Puerto Rico.
The federal Parent Plus loan program has millions of borrowers, many with subprime credit ratings. Its default rate exceeds the rate for U.S. mortgages at the peak of the housing crisis, and the debt is almost impossible to extinguish through bankruptcy.
Many of President Donald Trump’s backers cite the U.S. trade imbalance, federal debt and the cost of foreign wars as causes of their unease—not health insurance or immigrants, Gerald F. Seib writes.
Treasury Secretary Steven Mnuchin wrote to lawmakers to inform them that he’ll employ measures to avoid breaching the borrowing limit. The suspension of the limit expires Mar. 16