U.S. state revenue isn’t rising fast enough to keep up with the cost of funding pensions, health care and public works projects, underscoring financial strains that persist during the economic recovery, according to a report.
Blackstone Group LP, the world’s biggest manager of alternatives to stocks and bonds, closed above $31 for the first time since 2007, the year it went public at that price before the housing crisis froze financial markets.
Against a backdrop of exhibits at New York’s Museum of American Finance highlighting the U.S.’s financial history, Blackstone Group LP Chairman Emeritus Peter G. Peterson told patrons and supporters of the museum that the country’s future could be harmed by its national debt.
Wall Street financier Peter G. Peterson got a decent return on his investment last week when Senate Republicans ended the Democrats’ third attempt to push though an extension of unemployment benefits and President Barack Obama failed to persuade his European counterparts at the Group of 20 meeting in Toronto to maintain economic stimulus programs.
Gum Tong owns a diner in Washington, D.C., and Matt Bellinger charters fishing boats in the Florida Everglades. They have this in common: The shutdown of the U.S. government cost them money they will never get back.
After the partisan passions and heated rhetoric, the disruptions of a government shutdown and displays of dysfunction, Congress did what it could have done weeks ago: voted to fund the government and lift the debt limit.
A stalemate over U.S. fiscal policy that shut the government for 16 days “encouraged our enemies” and slowed economic growth, President Barack Obama said a day after Congress passed a bipartisan accord to avert default.