Default, Debt Default | featured news

France is ready to do whatever it takes to rescue Greece, the government said, and urged the debt-laden euro-zone member to swiftly implement the July 21 plan to prevent bankruptcy.

The U.S. Postal Service posted a net loss of $3.1 billion in its third quarter and warned again it would default on payments to the federal government if Congress did not step in.

The president is the most visible symbol of what voters see as a badly dysfunctional government. Some Democrats say he could have negotiated better. Though he succeeded in staving off a historic default, President Obama emerges from the debt talks in a weakened political position with limited influence over a divided Congress.

The United States had its triple-A rating confirmed by two key ratings agencies on Tuesday after Washington struck a last-minute deal to avoid a debt default, but threats of future downgrades remain.

Fitch Ratings said on Tuesday the agreement to raise the borrowing capacity of the United States means the risk of a sovereign default is "extremely low" and commensurate with a AAA rating.

British and Japanese officials warned Sunday of disastrous consequences for the global economy if last-minute talks among lawmakers in Washington failed to agree on raising the U.S. borrowing limit and averting a debt default.