March 7, 2013 3:23 PM
WASHINGTON (AP) - Americans stepped up borrowing in January to buy cars and attend school, while staying cautious about using their credit cards. The Federal Reserve says consumer borrowing rose $16.2 billion in January from December to a total of $2.8 trillion. That's the highest level on record. A category... more »
January 18, 2013 1:04 PM
WASHINGTON (AP) - A Republican official says the GOP-controlled House will vote next week to permit the government to borrow more money to meets its obligations. Full details aren't settled yet, but the move is aimed at giving the government about three more months of borrowing authority beyond a deadline... more »
January 14, 2013 12:05 PM
WASHINGTON (AP) - President Barack Obama says Congress' failure to raise the government's borrowing authority would delay payments of benefits to veterans and Social Security recipients. He again warned that he will not negotiate on raising the debt ceiling, aiming to pin the burden of an unprecedented default on congressional... more »
November 14, 2011 7:11 AM
WASHINGTON (AP) - Despite prodding from President Barack Obama, members of Congress' supercommittee concede no deal is in sight to meet their goal of $1.2 trillion or more in deficit savings over the next decade.
With only 10 days remaining before their deadline, the panel remains sharply divided. Despite... more »
September 19, 2011 3:26 PM
NEW YORK (AP) - Stocks are tumbling as investors worry that Greece won't qualify for a new installment of emergency funds in time to avoid defaulting on its debt.
Investors also appear pessimistic about a Federal Reserve policy decision expected Wednesday. The Fed has hinted it might take new... more »
September 18, 2011 9:45 AM
President Barack Obama is coming out tomorrow with his opening bid on long-term debt reduction. But the White House wants to keep the focus on jobs and avoid getting sucked into another budget fight with lawmakers.
Administration officials see the task of attending to long-term deficits as necessary, but... more »
September 8, 2011 4:53 PM
WASHINGTON (AP) - Americans borrowed more money in July than any other month in more than three years. But they cut back on using their credit cards.
The Federal Reserve says consumer borrowing rose nearly $12 billion in July. Greater demand for school and auto loans fueled the increase.... more »
September 6, 2011 4:56 AM
WASHINGTON (AP) - The postmaster general is going to Congress to discuss the Postal Service's mounting debt. Postmaster General Patrick Donahoe is among the witnesses scheduled to appear Tuesday before the Senate Homeland Security andGovernmental Affairs Committee.
The Postal Service is facing a second straight year of losses of... more »
August 24, 2011 5:34 AM
Moody's Investors Service says it has downgraded its rating on Japan's debt.
The rating service says it lowered the rating because of Japan's large budget deficits and growing government debt.
The rating agency cut Japan's rating to AA3 from AA2. The new rating is three notches below Moody's... more »
August 10, 2011 11:33 AM
NEW YORK (AP) -The rally that sent stocks soaring in the last half hour of trading yesterday isn't continuing today. The Dow has been down by more than 400 points in morning trading, erasing nearly all of the gain from yesterday. One analyst says investors are still trying to figure... more »
August 8, 2011 8:07 AM
A managing director at Standard & Poor's says he has absolutely no second thoughts about the credit ratings agency's decision to cut the U.S. debt rating.
With global stocks sinking early Monday, S&P's David Beers said on ABC's "Good Morning America" that the agency's decision was based on several... more »
August 1, 2011 11:34 PM
Decisions being made on Capitol Hill over how to handle the nation's debt have people across the country waiting to see what happens.
"I'm very concerned," says Colorado Springs resident Geraldine Webb, a disability insurance receiver.
"I do live from month to month," Webb says, and to make... more »
August 1, 2011 9:41 PM
The House of Representative passed a bill Monday evening, raising the debt ceiling by about $2 trillion dollars and calling for about $2 trillion dollars in cuts over the next decade.
The deal will have to pass a vote of the Senate - which is expected Tuesday at noon... more »
July 30, 2011 7:34 PM
WASHINGTON (AP) - Senate Majority Leader Harry Reid says there's no deal to break the debt impasse in Congress and no weekend progress has been made as a default deadline approaches. Reid made his comments on the Senate floor after the Republican leader, Sen. Mitch McConnell of Kentucky, said he... more »
July 30, 2011 10:43 AM
In a weekly radio address President Barack Obama made reference to a ticking clock counting down to a Tuesday deadline proclaiming that the disagreements are not that great in urging Democratic and Republican lawmakers to work together in reaching a deal that would avoid a default in the US government... more »
July 29, 2011 7:06 PM
WASHINGTON (AP) - The five Republicans in South Carolina's congressional delegation collectively are taking credit for pushing House Speaker John Boehner to take a more conservative approach to finding a debt deal. The lawmakers, four of them freshmen, have bonded for months over their conservative ideals, shared religious devotion and... more »
July 28, 2011 8:03 PM
WASHINGTON (AP) - Executives from the nation's largest banks will have an opportunity Friday to ask Treasury Department officials face to face about what will happen if Congress fails to raise its borrowing limit before next week's deadline. The Treasury invited the 20 largest banks to a meeting to discuss... more »
July 26, 2011 8:45 PM
WASHINGTON (AP) - House GOP leaders are postponing a vote on a plan to trade more than $1 trillion in spending cuts for an increase in the government's borrowing cap that would be nearly as large.
Rep. David Dreier of California says the postponement is because congressional scorekeepers said... more »
July 26, 2011 6:23 AM
Last fall, Americans were feeling better about their personal finances. Now they're starting to worry again about how they'll pay off their debts.
A new Associated Press-GfK poll says that nearly half the country is experiencing debt stress, which is up 17 percent from November.
Grinding unemployment, slow... more »
July 15, 2011 3:26 PM
WASHINGTON (AP) - Standard & Poor's is warning mortgage giants Fannie Mae and Freddie Mac that they may lose their top credit ratings if lawmakers don't raise the U.S. government's borrowing limit in time to avoid a default.
S&P says government-controlled Fannie and Freddie, along with certain Federal Home... more »
July 11, 2011 6:58 PM
President Barack Obama says he will continue to push congressional lawmakers to reach the largest deal possible to cut government spending and raise the nation's borrowing limit.
Obama says he knows his call for a large deal faces resistance. House Speaker John Boehner has said a smaller deal stands... more »
July 10, 2011 7:26 PM
WASHINGTON (AP) - President Barack Obama says he and Congress "need to" agree on a budget deal in 10 days in order to meet an Aug. 2 deadline to increase the nation's debt ceiling and avoid a potentially calamitous government default. Obama spoke as he and the eight top House... more »
May 1, 2011 1:31 PM
ENFIELD, Conn. (AP) - Authorities in Connecticut are taking steps to help prison inmates cope with a problem that affects them and inmates around the nation: child-support debts that mount while they're behind bars.
The state's Judicial Branch says 36 percent of its open child-support cases involve more than... more »
April 8, 2011 1:26 PM
DENVER (AP) - Some big names are participating in a Denver forum about the national debt.
But Colorado's two senators won't join the discussion this afternoon at the University of Colorado in Denver. Democratic Sens. Mark Udall and Michael Bennet invited former Wyoming Sen. Alan Simpson, a Republican. Simpson... more »
December 6, 2010 12:18 AM
More and more, seniors on a fixed budget are turning to credit cards to help them through tough times. "They're using it (credit cards) for gasoline, they're using it for food, they're using it for prescriptions, they're using it for co-payments." explains Eileen Doherty, Director of the Colorado Gerintological Society.... more »
December 5, 2010 5:03 PM
DENVER (AP) - In its struggles to deliver balanced state budgets over the past 10 years, Colorado has amassed $3.7 billion in obligations it may never pay.
That sum includes severance taxes taken from municipalities, funds for tourism promotion and waste tire cleanup, and prison and school bus costs... more »
November 16, 2010 7:41 PM
Tis the season for spending, but credit counselors are worried about consumers falling deeper into debt. Colorado now has the 2nd highest credit card debit in the U.S. according to the scoring website Credit Kkarma. According to the website, in Colorado people have an average of $8,741 in credit card... more »
October 24, 2010 7:37 PM
A new report shows over half of college graduates owe money, and their debt is sometimes more than they'll make in their first year of employment. That's if they get a job at all.
Samantha Larson is a junior at U.C.C.S. studying childhood sociology. She's getting closer to graduation,... more »
October 20, 2010 3:45 PM
Attorneys will volunteer their time for a low-cost clinic in El Paso County covering the topics of bankruptcy, creditor/debtor rights, consumer protection and debt collection.
The Court Care clinic will be held on Saturday, Oct. 23, from 9:00 a.m. to 1:00 p.m. at the Penrose Library, 20 N. Cascade... more »
September 7, 2010 8:28 AM
GOP leaders are blasting President Barack Obama's long-term jobs proposal, saying the $50 billion plan would only raise federal spending that's already in excess.
Obama unveiled the plan Monday at a Labor Day speech in Milwaukee, proposing the billions be spent on roads, railways and runways.
Administration officials... more »
August 13, 2010 2:03 PM
DETROIT (AP) - A person familiar with the matter says General Motors Co. is likely to file paperwork next week that describes the plan to sell shares to the public.
The person says the company planned to file on Friday but delayed the move because it made two major... more »
July 26, 2010 10:02 AM
Republican Senate candidate Ken Buck is apologizing for his remarks about tea party members who question President Obama's birth certificate.
Outside a campaign stop in Crowley in June, Buck used a vulgarity in referring to so-called birthers. In an audio tape, Buck says he wants someone to tell those... more »
July 22, 2010 8:41 AM
The IMF says it has canceled Haiti's $268 million debt and will lend the earthquake-devastated island another $60 million to help it with reconstruction plans.
The International Monetary Fund says the decision is part of a plan for long-term reconstruction after the Jan. 12 magnitude-7 quake, which killed as... more »
July 13, 2010 2:10 PM
The federal deficit has topped $1 trillion with three months still to go in the current budget year, showing the continued impact of a deep recession on the government's finances.
The Treasury Department says that through the first nine months of this budget year, the deficit totals $1 trillion,... more »
June 14, 2010 4:54 PM
A $1.35 billion-dollar plan would turn the landmark Houston Astrodome into a convention and science center.
But officials say at least two-thirds of the cost would have to be approved and picked up by taxpayers. Another option in the plan unveiled Monday is razing the stadium. The plan was... more »
June 10, 2010 2:10 PM
The budget deficit through the first eight months of the government's budget year is running slightly below last year's record-setting pace. Still, the country on track to record another $1 trillion-plus deficit.
In its monthly budget report, the Treasury Department said that the deficit in May totaled $135.9 billion,... more »
June 7, 2010 2:55 PM
With Illinois still not paying its bills, a new company in the debt brokering business has seized on an opportunity to make money off the state's financial crisis. Georgia-based Alpharetta Industries is offering to help Illinois organizations that are owed money. The company will arrange to sell the debts to... more »
May 28, 2010 8:17 AM
Democratic leaders in the House are tossing aside billions of dollars in aid to states and health insurance subsidies for laid-off workers as they look for ways to scale back the cost of a catchall spending bill.
Driving the cost-cutting moves are House Democrats worried about budget deficits ahead... more »
May 27, 2010 8:15 AM
Democrats are struggling to extend jobless benefits before they go on vacation next week.
Some lawmakers are concerned they'll be hammered over deficit spending even though the money is for the unemployed. House leaders hope to vote today on a bill that would extend the benefits through November, but... more »
May 24, 2010 9:05 AM
A survey of leading economic forecasters predicts the pace of U.S. growth will pick up in the year ahead as consumers and businesses accelerate spending.
The assessment being released today by The National Association for Business Economics is more bullish than the last survey in February. The panel of... more »
May 21, 2010 10:08 AM
The Dow Jones industrial average opened below 10,000 points today in a fourth straight day of declines.
The drop Friday comes a day after major indexes posted their biggest declines in more than a year. That pushed the market to "correction" mode, or a sharp decline from a recent... more »
May 12, 2010 8:53 PM
In light of the scathing audit on the Cesar Chavez School Network, Pueblo City Schools has big concerns about Cesar Chavez Academy's debt. On Wednesday, the state treasurer traveled to Pueblo to address those concerns. Cary Kennedy says the academy owes nearly $15.7 million in bonds, which were used to... more »
March 10, 2010 2:11 PM
The government ran up the largest monthly deficit in history in February, keeping the flood of red ink on track to top last year's record for the full year.
The Treasury Department said Wednesday that the February deficit totaled $220.9 billion, 14 percent higher than the previous record set... more »
February 18, 2010 10:27 AM
President Barack Obama has announced a new bipartisan commission to take on deficit-reducing responsibilities that Congress has been reluctant to embrace.
The move came a day after he touted the $862 billion economic stimulus program. Obama's administration has been taking an increasing amount of criticism for record-high deficits, and... more »
February 7, 2010 11:40 AM
Treasury Secretary Timothy Geithner says the U.S. government "will never" lose its sterling credit rating despite big budget deficits and a newly increased debt limit that now tops $14 trillion. Geithner says in an interview broadcast Sunday that in times of economic crisis, international investors will continue to buy U.S.... more »
January 13, 2010 2:05 PM
The federal budget deficit hit an all-time high for the month of December, and the red ink for the first three months of the current budget year is rising at a more rapid pace than last year's record clip.
The Treasury Department said Wednesday that the deficit last month... more »
December 4, 2009 8:43 AM
With the nation's unemployment rate still running at 10 percent, President Barack Obama takes his defense of his handling of the economy on the road Friday. Despite limited options due to big budget deficits, he's warming to the possibility of a job-boosting bill. Obama has scheduled appearances Friday in Pennsylvania... more »
November 4, 2009 11:07 AM
The Treasury Department expects to hit the government's debt limit in December, two months later than its initial estimate, after scaling back an emergency loan program as the financial crisis abated. Treasury Department officials say they're working closely with Congress to pass the legislation needed to boost the debt ceiling,... more »
October 15, 2009 7:45 PM
September 14, 2009 11:50 AM
Sally Ly feels like she did everything right.
The 29-year-old went to college at University of the Pacific in Stockton, Calif., living frugally and using student loans that she figured would more than pay for themselves down the road.
Two years ago, Ly decided to leave the private... more »
September 11, 2009 3:49 PM
The federal deficit surged higher into record territory in August, hitting $1.38 trillion with one month left in the budget year.
The soaring deficits have raised worries about the willingness of foreigners to keep purchasing Treasury debt. The Chinese, now the largest foreign owners of U.S. Treasury securities, have... more »