Updated 8/8/11 at 4:00p.m.CTThe Dow Jones Industrial Average posted one of its biggest single day losses in history Monday as the Dow dipped below the 11,000 mark for the first time since October, 2010. Similar declines were posted on the S&P 500 and the Nasdaq, each of whi
To allow for more flexible funding of World War I, the U.S. government enacted its first debt ceiling in 1917. Economist James Galbraith takes us through the history of the normally uncontroversial procedure. Galbraith is a professor of government at the University of Texas at Austin.
Standard & Poor's, a big ratings agency, is getting nervous about the United States' ability to pay its debt.The agency lowered its outlook for the U.S. to negative this morning. That's essentially a warning.It means that the U.S. is still a super-safe country to lend money to, in S&P's view.