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Nation's Debt Hits Record High $16 Trillion
As the Democrats prepare for their convention in Charlotte, NC, they are greeting by the news just released that the total U.S. government debt eclipsed $16 trillion for the first time Friday, as total federal borrowing continues marching toward the $16.394 trillion borrowing limit.
Sen. Bob Corker (R-Tenn.) said, “Today, the United States passed a new unfortunate threshold which should be a call to action for Washington to finally address the potentially debilitating challenges posed by our unsustainable deficits and debt, which is now over 100 percent of our nation’s gross domestic product.”
Republicans have made the debt the centerpiece of their campaign to unseat President Obama, arguing that under Obama the debt has risen more than under any previous president. They put up two giant debt clocks last week at their convention in Tampa, Fla., to tally the red ink.
Since the Republicans finished their national convention last week and the Democrats start tonight, we dug through the amount of debt added by each of the last three presidents as a result of their policies.
When President Bill Clinton, a Democrat, took office in 1993, national debt stood at $4.1 trillion. He added about $1.5 trillion.
When Republican George W. Bush took over the White House, the debt had grown to $5 trillion. His programs added almost $4.9 trillion.
When Democratic President Barack Obama took over the White House in 2009, debt stood at $10.6 trillion. Today that number broke $16 trillion... a growth of more than $5 trillion in three-and-a-half years.
The government is currently running an average monthly deficit of $100 billion and is likely to hit the debt ceiling sometime in late December. The Treasury Department then can take emergency steps for several months to prevent the government from missing payments. Once the government hits the debt ceiling, it can no longer borrow money in excess of the statutory limit.
Nation's Debt Hits Record High $16 Trillion
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Last Update on October 31, 2014 07:28 GMT
SEOUL, South Korea (AP) -- Japan's Nikkei 225 stock average surged 5 percent and the yen slid against the dollar after the Bank of Japan unexpectedly announced new stimulus to boost a flagging economic recovery.
Other Asian stock markets were also higher after the Japanese central bank's announcement Friday. The dollar rose 1.2 percent to 110.64 yen.
The bank said it would increase its asset purchases by between 10 trillion yen and 20 trillion yen ($90.7 billion to $181.3 billion) to about 80 trillion yen ($725 billion) annually.
The Nikkei was up 4.6 percent at 16,380.11 after shedding some of its initial gains. Hong Kong's Hang Seng rose 1.2 percent and Seoul's Kospi was up 0.1 percent.
ECONOMY-THE DAY AHEAD
WASHINGTON (AP) -- Today. the Commerce Department will release its September report on consumer spending, which accounts for 70 percent of economic activity in the U.S.
Also, the University of Michigan will issue its monthly index of consumer sentiment for October. In September, the index reached its highest level since July 2013, led by greater optimism that the economy will grow and incomes will rise.
The Labor Department will also release the third-quarter employment cost index.
Before the market opens, Exxon Mobil will report its quarterly financial results.
NEW YORK (AP) -- Citigroup is slashing its third-quarter earnings by $600 million, saying that recent investigations by regulators have altered the results it reported earlier this month.
The New York-based bank on Thursday revised its quarterly net income to $2.8 billion from a previously reported $3.4 billion, citing legal expenses.
The bank's operating expenses rose from $12.36 billion to about $13 billion.
The company said in a statement the unexpected increase came from "rapidly-evolving regulatory inquiries and investigations, including very recent communications with certain regulatory agencies related to previously-disclosed matters."
Citi previously reported third-quarter net income of $3.44 billion, or $1.07 per share, on Oct. 14. The results exceeded Wall Street estimates.
Like other major banks, Citigroup has been the target of lawsuits and government investigations for its role in the mortgage meltdown that helped spur the financial crisis of 2008.
SURGICAL GOWNS LAWSUIT
LOS ANGELES (AP) -- A lawsuit says Kimberly-Clark Corp. falsely claimed its surgical gowns met the highest standards for protecting against Ebola and other infectious diseases.
Lead attorney Michael Avenatti says the Texas hospital where two nurses contracted Ebola used to stock the gowns but it's not clear if the nurses had used them.
The $500 million fraud suit was filed Wednesday in federal court in Los Angeles on behalf of a surgeon who wore the gowns.
The lawsuit says Kimberly-Clark knew for a year that the gowns failed industry tests and allowed the transfer of bodily fluids, bacteria and viruses, but the company still promoted them as having the highest level of impermeability.
The maker of Kleenex and other consumer products says it doesn't comment on lawsuits but stands behind its products' safety.
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