China
Business Economy Finance Government Top News World

China Downgrades US Credit Rating From A- To BBB+, Warns US Insolvency Would “Detonate Next Crisis”

In its latest reminder that China is a (for now) happy holder of some $1.2 trillion in US Treasuries, Chinese credit rating agency Dagong downgraded US sovereign ratings from A- to BBB+ overnight, citing “deficiencies in US political ecology” and tax cuts that “directly reduce the federal government’s sources of debt repayment” weakening the base Read More…

Illinois
Economy Finance Government Top News

Illinois State Official: “We Are In Massive Crisis Mode, This Is Not A False Alarm”

Last week we reported that as Illinois, a state which now faces over $15 billion in backlogged bills, struggles over the next two weeks to somehow come up with its first budget in three years ahead of a June 30 fiscal year end, and faces an imminent ratings downgrade to junk – the first ever Read More…