There is no reason to believe that the US will default, but there is every reason to think that the debt cap
will be removed only when the US government comes up with certain economic measures that are far away from the much-touted free market ideology and close to the prudent mix of free market and centrally planned systems.
The relatively benign interest deduction regime will be restricted somewhat for accounting periods beginning on or after 1 January 2010 with the introduction of a worldwide debt cap
The NBA's debt cap
, a figure which Stern described as 'peanuts', is brought into perspective when it is seen against the current debt of English Premier League champions Manchester United whose current debt stands at $1.
Avoiding a breach of the debt cap
, by pulling back government spending to ensure the Treasury Department can meet its interest payments, would still force the world's largest economy into a recession, according to economists at Goldman Sachs Group Inc.
The so-called six pack' on economic governance introduces swifter and more automatic sanctions for countries that breach the EU's 3% of GDP deficit limit and 60% debt cap
The debt cap
must rise by an estimated $2 trillion to shield the nation from defaulting on its loans, and Republicans are seeking an equal level of spending cuts to balance out that figure.
or face worsening deficit and a destabilized financial system,
The Coalition government has retained the Labour government's restriction under the worldwide debt cap
, but although the Conservatives had previously suggested that reductions in corporation tax rates could be funded from further restricting the relief for interest costs, there was no mention of this.
Rubin seemed to be surprised at the size of Japanese government borrowings as the 30 trillion yen debt cap
is still considered large compared to the total size of next fiscal year's budget, which stands at 81.
The debt cap
leaves room for the government to issue 1.
5 billion, and also begin to include city income tax receipts in its debt cap
calculations, which would require a state Constitutional amendment, and is now not likely, sources say.