US debt ceiling looms, but battle may not be as bitter

The world`s largest economy once more faces the threat of default unless the US Congress raises the debt ceiling, but feuding between Barack Obama and foes may not push the nation to the brink this time.

Chinese agency downgrades US credit rating

A Chinese ratings agency downgraded its US sovereign credit rating Thursday despite Washington`s resolution of the debt ceiling deadlock, warning that fundamentals for a potential default remained "unchanged".

Gold price flat, investors mark time until US debt deadline

Spot gold was unchanged at USD 1,280.70 an ounce. It plunged to its lowest since July 10 at USD 1,251.66 on Tuesday before rebounding.

US shutdown: Budget rift pushes Washington to the brink

Washington`s risky game of political brinkmanship neared crisis point Tuesday, with no deal yet nailed down to avoid a catastrophic US debt default, just 36 hours before a crucial deadline.

US senators close to deal to end 14-day-old shutdown

US senators say they are closing in on a deal that would reopen the government and push back a possible debt default for several months, though many hurdles remain.

US Senate to meet as path out of fiscal impasse still elusive

The Senate will hold a rare Sunday session as US politicians grapple with how to reopen the shuttered government and avoid a potentially calamitous failure to pay the country`s debt obligations.

JPMorgan's Dimon on US default: 'You don't want to know'

Top US banker Jamie Dimon of JPMorgan Chase warned today that the United States needs to avoid defaulting on its debt, saying the possible repercussions are unfathomable.

Gold price falls below $1,300 per ounce

Gold fell below USD 1,300 an ounce on Thursday as the dollar rebounded on signs Washington was moving towards breaking a stalemate over debt and averting a US default.

US still in fiscal deadlock, but glimmers of hope emerge

A few faint glimmers of hope surfaced on Monday in the US fiscal standoff, both in Congress and at the White House, with President Barack Obama saying he would accept a short-term increase in the nation's borrowing authority to avoid a default.

'Not raising debt ceiling could result in 2008-like situation'

The Congress needs to increase the federal debt ceiling by October 17 to avoid having the US default on its obligations.

'India must have a contingency plan if US defaults on debt'

India must have a "contingency plan" in place to ring-fence the country's economy if the political showdown in the US leads to a default on its international monetary obligations, industry body Assocham on Thursday said.

Gold soars to new high of Rs 23,690 on firm global cues

Gold set a new record at Rs 23,690 per 10 grams in the national capital Tuesday, by adding Rs 210, on buying by stockists and investors, driven by a firm trend in overseas markets.

Deadlock, durables, dismal earnings hit Wall Street

Wall Street suffered its worst day in eight weeks on Wednesday, hit by weak earnings, lackluster economic data and no movement in Washington talks as the deadline for a US default looms.

US seeks elusive compromise to escape debt debacle

Top Republicans and Democrats worked behind the scenes on Wednesday on a compromise to avert a crippling US default, looking to salvage a last-minute deal from rival debt plans that have little chance of winning congressional approval on their own.

US default would have far-reaching impact: IMF chief

A default or significant credit downgrade in the United States would be a "very very serious event," IMF chief Christine Lagarde said on Tuesday, warning it could have far-reaching consequences for the world.

Obama urges compromise to avoid "reckless" default

President Barack Obama called on Republican and Democratic leaders on Monday night to reach a fair compromise on raising the debt ceiling to avert a "reckless and irresponsible" national default.

S&P says 50-50 chance of US downgrade

Standard & Poor's reiterated on Thursday it sees a real risk that future US government deficits may meaningfully miss discussed targets and that there is a 50-50 chance the US AAA credit rating could be cut within three months, perhaps as soon as August.

Greek deal lifts euro, Asian stocks

Asian stocks rose and the euro climbed to a two-week high on Friday after European leaders agreed on a package to rescue debt-stricken Greece and gains will be sustained if US policymakers also manage to cobble together a last minute deal.

Big debt deal gains traction amid chaotic efforts

Efforts to craft a broad USD 3 trillion deficit-reduction deal gained traction on Thursday as the White House and top lawmakers scrambled to sort through competing options and stave off a devastating US default.

Obama, Boehner discuss possible $3 trillion in cuts: Aide

Their potential agreement would include a promise of tax reform in 2012, the aide said.