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John B. Chambers is the former deputy head of the Sovereign Debt Ratings Group and former chairman of the Sovereign Debt Committee at Standard and Poor's. The ratings agency in 2011 made a major decision to strip away the country's AAA rating.

Economy

He took away the country's top AAA rating in 2011. He ended up fearing for his life

5:00am June 05, 2023

by David Gura

John B. Chambers led the team at ratings agency S&p that decided to downgrade the country's AAA rating in 2011. It was a big decision, and it took a personal toll — but he has no regrets.

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Former President Eisenhower, addresses the nation on the American intervention in Formosa (now Taiwan) in an undated archival picture. Eisenhower was involved in the country's first debt ceiling fight when he asked Congress to raise the limit by $15 billion. The Senate refused, ushering the first tussle over the country's debt.

The first debt ceiling fight was in 1953. It looked almost exactly like the one today

4:08pm June 01, 2023

by Stacey Vanek Smith

Debt ceiling dramas have been going on a long time. The first one happened exactly 70 years ago. President Eisenhower asked Congress for an extra $15 billion and the Senate said, "No dice."

House Speaker Rep. Kevin McCarthy, R-Calif., speaks to members of the media after arriving at the U.S. Capitol on Friday.

Politics & Government

Biden says debt ceiling deal 'very close.' Here's why so far it remains elusive

11:36pm May 26, 2023

The Treasury estimates the country could default on its loans early next month. But negotiators are still hashing out key provisions like whether to expand work requirements for federal assistance.

A U.S. debt default would lead to a slump in stock and bond markets, while eroding the U.S.' financial standing in the world, analysts say.

Politics & Government

Here's what could happen in markets if the U.S. defaults. Hint: It won't be pretty

10:44am May 21, 2023

by David Gura

Investors are still hopeful that lawmakers will clinch a deal to raise or suspend the debt ceiling. That's because failure to do so could have devastating consequences in markets.

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