Stanley Druckenmiller, the hedge fund investor and long-time deficit hawk, said the current impasse over the debt ceiling is dwarfed by the dangers of unchecked future government spending. “The fiscal recklessness of the last decade has been like watching a horror movie unfold,” Druckenmiller, 69, who now runs his own Duquesne Family Office, said in…

WASHINGTON — President Joe Biden and Treasury Secretary Janet Yellen warned Tuesday of a potential economic crisis if a deal isn’t reached to increase the federal debt ceiling. They raised the alarm during speeches to the National Association of Counties, which was holding a conference in Washington. Biden said many local governments have recovered from…

The billionaire’s warning comes as the White House and Republicans in Congress are at an impasse over raising the debt ceiling US debt default a matter of time – Musk Tesla and Twitter chief executive Elon Musk, who has been calling for US government spending reductions, said on Wednesday that a debt default was just…

WASHINGTON — The Treasury Department this week reported that the total national debt of the United States surpassed $30 trillion for the first time in history, an amount equal to nearly 130% of America’s yearly economic output, known as gross domestic product. The eye-popping figure makes the U.S. one of the most heavily indebted nations…

The severity of last week’s US government bond sell-off has rekindled concerns about the health of the world’s largest and most important debt market, adding urgency to regulators’ efforts to address cracks that have emerged during periods of stress. The $21tn US government debt market started 2021 on the back foot, as investors began pricing…

Fitch ratings agency revised its outlook on the US’ AAA rating to negative as the world’s largest economy’s national debt topped $26.5 trillion (Dh97tn) in June and it continues to grapple with the coronavirus health crisis. Though the country’s AAA rating was not changed, the revision in outlook is a reflection of “the ongoing deterioration…

The resurgence of COVID-19 in the United States is paving the way to a debt record, even relative to government debt at the end of World War II. The collateral damage in global recovery will be significant. Only two quarters ago, US federal debt hovered around $23 trillion; a stunning 106% as a percentage of…

The United States federal budget deficit jumped 26 percent in the 2019 fiscal year to $984 billion, reaching its highest level in seven years as the government was forced to borrow more money to pay for President Trump’s tax and spending policies, official figures showed on Friday. The deficit has now swelled nearly 50 percent…

Hedge fund titan Ray Dalio said he wouldn’t rule out China using its Treasury holdings to gain an upper hand against the U.S. in the trade war — a view that contrasts with many other observers. “We have a debtor-creditor relationship, not just a trade relationship. And (that) can be a dangerous thing,” Dalio, founder…

An anticipated surge of U.S. borrowing in the global debt markets in the second half of this year is starting to create concern as the Treasury is expected to ramp up its issuance of bills, notes and bonds to fund a soaring $1 trillion budget deficit.