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US debt ceiling

US debt ceiling
The debt ceiling is the legal limit on the amount of money the US government can borrow. Since 1960, Congress has increased the debt ceiling 79 times - 49 times under Republican presidents and 30 times under Democratic presidents.
The US Capitol building is seen following rain showers. The US federal government’s debt alone accounts for more than 10 per cent of all the debt in the world, spanning government, household, financial and non-financial corporate sectors in more than 100 economies, according to the Institute of International Finance. Photo: AFP
Banking & finance

US$365 trillion and counting: the world’s total debt hits record high, IIF finds

Debt climbs US$10 trillion in six months as fiscal strains deepen, exposing cracks in household and corporate balance sheets.

US-China relations

China’s US dollar holdings

Banking & finance

Analysts warn that benchmark bond yields are approaching ‘concern zone’

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US sanctions on China

Opinion | Why US sanctions threats against China aren’t credible

Weaponising global payments against Beijing risks triggering a major shock at home – one America’s fragile debt and stock markets cannot afford.

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A sign displays national debt at a bus stop in a neighbourhood in Washington, D.C., on August 20. Photo: Getty Images / TNS
United States

America’s US$40 trillion debt gamble is getting harder to ignore: economists

Analysts warn that high spending, rising interest costs and tax cuts could impede Washington’s efforts to ‘grow our way out of’ record-high national debt.

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Banking & finance

US 30-year Treasury streak: what do 5% yields mean for global investors?

The historic run is forcing investors to ask whether high borrowing costs are a short-term headache or the new normal.

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China debt

China, US drive global debt to record US$353 trillion – what’s behind the surge?

New report warns that rising conflicts, AI spending and energy security push are all expected to further increase global debt levels.

Global debt hit a record high of nearly US$353 trillion in the first quarter of 2026, according to the Institute of International Finance (IIF), with China and the United States largely driving the trend. Photo: EPA-EFE
Foreign exchange market

China trims US Treasury holdings as global ownership hits record

Beijing slightly pares its sovereign US debt position as private investors and certain financial hubs drive demand up.

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Banking & finance

Editorial | US debt dysfunction puts the global economy at risk

America’s inability to get its financial house in order risks market turmoil at home and spillovers abroad.

Banking & finance

US federal debt becoming ‘alarmingly unsustainable’ as Iran war fuels spending

Washington’s rapid accumulation of sovereign debt sparks outcry, with some analysts questioning if Trump has the political will to cut the deficit.

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US sovereign debt has soared in recent years, with analysts warning that the Iran war could fuel even greater borrowing. Photo: AP
Two Sessions 2026

China pledges ‘iron discipline’ to tackle debt as US borrowing surges

Global debt reached a record high in 2025 and rose in the world’s two largest economies.

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Premier Li Qiang delivering the government work report on Thursday, in the Great Hall of the People in Beijing. Photo: Reuters
Banking & finance

‘Stability risk’: US faces rising concern as global debt soars to record high

Global debt accumulation ‘accelerated sharply’ in 2025, driven by surging investment in the US, China and Europe, report finds.

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Banking & finance

‘America First’ Fed? Why China economists doubt Trump’s pick can boost US dollar

Kevin Warsh unlikely to deliver long-term rebound while central bank independence still at risk, analysts say.

US-China relations

China dumps more US debt, buys other assets as Trump targets Powell

Beijing’s Treasury holdings hit a September 2008 low, and analysts point to fears over Fed independence and debt sustainability, while gold’s appeal rises.

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China trimmed its holdings of US Treasuries in November to the lowest level since 2008. Image: Shutterstock
US-Venezuela conflict

Opinion | Forget Venezuela and Greenland – here is the real trillion-dollar question

As the world fixates on US military adventurism, trillion-dollar shifts in trade, R&D and debt are rebalancing the global economy and geopolitics.

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China has become the first nation to post a US$1 trillion annual trade surplus, while the US is adding that much to its national debt every 71 days. Photo: Reuters
United States

Opinion | Will the US republic survive stress test of Trump’s presidency?

America is facing a rare array of pressures including expanding executive powers, strategic dependencies, legitimacy deficits and fiscal rigidity.

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US-China trade war

China sells US Treasuries, buys gold

Chinese holdings of US government debt fell to US$731 billion in July, trailing Japan and the UK, while gold reserves kept on climbing.

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China debt

In China, Ray Dalio discusses global debt issues as Beijing seeks his counsel

With local-level debt still posing risks in China, while US borrowing accelerates, Beijing turns to the Wall Street veteran for guidance while navigating precarious financial waters.

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Billionaire global macro investor Ray Dalio, seen here in May 2024, spoke this week with top Chinese officials in Beijing. Photo: Reuters
China debt

As China defuses its time bomb of debt, US hears the ticking intensify

Why do analysts see America’s debt situation as ‘more concerning’, and why is China’s situation a ‘big advantage’?

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China debt

Why did a Chinese economist slam Ray Dalio on debt situations in US, China?

Xu Gao’s 9,000-word article, ‘Where Did Dalio Go Wrong on National Debt?’, comes as China’s Politburo is preparing to set policy tone for rest of year.

Cryptocurrency

Opinion | In debt-bloated US, stablecoin a new financial weapon in the making

Forget austerity, Trump has ‘big, beautiful’ spending plans and is exploring US bank-backed stablecoin to turn the spreadsheets around.

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In a landmark win for the ascendant cryptocurrency industry and US President Donald Trump, the US Senate has passed stablecoin legislation setting up regulatory rules for cryptocurrencies pegged to the dollar. Photo: Shutterstock
Donald Trump

Trump tax law projected to add US$3.4 trillion to US deficits

Trump’s ‘One Big Beautiful Bill’ was signed into law on July 4 after months of negotiations with congressional Republicans.

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US President Donald Trump. Photo:Zuma Press Wire / dpa
US-China trade war

China cuts US Treasury stockpiles to the lowest level since 2009

Beijing shed more US debt in May as trade tensions flared and Trump’s ‘Big Beautiful Bill’ sparked alarm.

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US-China relations

Will Trump’s ‘Big Beautiful Bill’ offer opportunities for China?

Some analysts believe the tax and spending act will ‘cause some trouble’, but others say there could be an upside for Beijing.

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United States

Opinion | Decades of America’s ‘exorbitant privilege’ is ending, thanks to Trump

The US president is systematically destroying faith in the dollar in global financial markets and among governments and central banks.

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US President Donald Trump’s “big beautiful bill”, signed at the White House in Washington, US, on July 4, is expected to add US$3.4 trillion to the budget deficit over the next decade. Photo: Reuters
Banking & finance

Did Trump get his ‘Big Beautiful Bill’ at the US dollar’s expense?

Analysts say the sweeping budget act resolves the immediate debt crisis, but the resultant deficit could accelerate global de-dollarisation.

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US President Donald Trump’s sweeping budget act, soon to become law, raises worries over the country’s long-term debt burden. Photo: AFP
Donald Trump

Trump’s budget bill is a debt bomb. Can the ‘Pennsylvania Plan’ defuse it?

New framework offers recommendations to reduce foreign holdings of US debt – a sum estimated to grow by trillions if spending bill is passed.

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US-China trade war

China sells US Treasuries

China’s holdings of US government bonds fell to US$757 billion in April, behind those of Japan and the UK, as its gold reserves rose.

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