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EXPLAINED: 13 | Vintage Vibes

US is spending record amounts servicing its national debt – interest rate hikes add billions to the cost

Consumers and businesses aren’t the only ones feeling the pain of higher borrowing costs because of Federal Reserve rate hikes. Uncle Sam is too.

The Conversation

John M. Crisp: Don’t feel guilty about taxing the wealthy

As our nation bumps up hard against a national debt north of $31 trillion, let’s start with the obvious: Our expenditures are greater than our revenue. And while this isn’t the crisis that Republicans imagine when a Democrat is in the White House, common sense suggests that bringing expenditures and…

Tribune News Service

Lots of sound and fury on US debt, but not a crisis — yet

For all the sound and fury about raising the nation's debt limit, most economists say federal borrowing is not at a crisis point

The Independent UK

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Editorial: If Kevin McCarthy is serious about protecting the economy, he’d raise the debt ceiling

After he was elected speaker on the 15th ballot, Kevin McCarthy promised that the U.S. House under Republican leadership would protect the national economy, saying that the party was committed to “stop wasteful Washington spending, to lower the price of groceries, gas, cars, housing, and stop the rising national debt.”

Los Angeles Times

Commentary: House Republicans’ first order of business? Balloon the $31 trillion national debt

Republicans have long claimed they are dedicated deficit hawks, blaming Democrats for growing deficits and debt. But two votes they cast after electing Kevin McCarthy as House speaker prove that Republicans are charlatans when it comes to deficit reduction.

Los Angeles Times

Editorial: IRS gets financial windfall, but keeps same old stripes

Congressional Democrats last year showered the IRS with $80 billion in new funding in an effort to close an estimated $600 billion “tax gap,” the difference between income taxes actually owed and those actually collected. This was supposed to help pay for the Biden administration’s ongoing spendapalooza that has run…

Tribune News Service

Editorial: The fiscal cliff looms; nothing to see here

The national debt is much like the weather. Everybody worries about the topic, but nobody wants to do anything about it.

Tribune News Service

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More than 50 North East jobs created as cost-of-living leads to new national debt advice service

Money and Pensions Service (MaPS is pumping £228m into debt advice services in England over the next three years

Birmingham Post

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

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

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The Guardian - UK

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 Independent UK

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

Daily Record

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 Mirror

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

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The Independent UK

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

France 24

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…

The Guardian - UK

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

Asharq Al-Awsat

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…

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…

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