Content Tagged As debt

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  • Bills to pay down state retirement debt stall

    March 20, 2014 2:16 PM

    BATON ROUGE- Lawmakers on the House Retirement Committee deadlocked on a proposal that would steer more money to retirement debt by taking dollars from an account used to pay cost-of-living increases to retired state workers. The committee voted 5-5 Thursday for the proposal, stalling it. After the vote, Rep. Kevin... more »
  • USS Kidd sinking in debt Play Video

    February 20, 2014 5:50 PM

    BATON ROUGE - The USS Kidd has become the target of a state investigation, and records show the former destroyer is sinking in debt. The ship owes $334,440 in unpaid insurance premiums to the state, according to documents obatined by the News 2 Investigative Unit. Louisiana Inspector General Stephen... more »
  • Bond Commission approves borrowing $500 million

    December 19, 2013 11:59 AM

    BATON ROUGE - The state Bond Commission gave approval to a plan to borrow nearly $500 million for construction projects. The money will replenish a fund that pays for the projects. State Treasurer John Kennedy says the details will be worked out next month. Right now the plan... more »
  • LSU hospital layoffs reduce state retirement debt

    November 6, 2013 12:04 PM

    BATON ROUGE - The Jindal administration's layoff of more than 7,700 LSU hospital workers has put a major dent in the state employee retirement system's debt, dropping it hundreds of millions of dollars. Gov. Bobby Jindal pushed to turn over the operations of LSU hospitals to private companies. Seven deals... more »
  • State construction projects back on track

    October 11, 2013 11:44 AM

    BATON ROUGE - Higher revenue forecasts and low interest rates have Louisiana's construction projects back on track. Louisiana had been close to its constitutional limit on debt. State Treasurer John Kennedy said the money to pay for ongoing construction was running out, with no room to borrow more.... more »
  • Baker water rates could go up Play Video

    October 9, 2013 5:38 PM

    BAKER - The Baker City Council has started the process of raising water rates in the city to help pay down some debt. Baker is in the red $2 million after upgrading its aging water system. Today during a work session, some council members suggest raising water rates by... more »
  • Debt for south La. toll bridge being refinanced

    September 19, 2013 2:11 PM

    BATON ROUGE- The state is reworking its financing plans for a south Louisiana toll bridge that has been riddled with problems, to keep the tolls from rising beyond the current schedule. The State Bond Commission approved the pieces of the $176 million debt restructuring plan Thursday for La. Highway 1... more »
  • Nonprofit organizations tied to state senator Play Video

    August 14, 2013 6:39 PM

    BATON ROUGE - A News 2 investigation shows links between Louisiana State Senator Yvonne Dorsey-Colomb, her husband and two nonprofit organizations targeted by State Treasurer John Kennedy's Office. Kennedy sent a list of Non-Governmental Organizations , or NGO's, that have failed to provide documentation to the state outlining how... more »
  • Kennedy seriously considering governor's run Play Video

    July 29, 2013 2:32 PM

    BATON ROUGE - Treasurer John Kennedy said he's seriously considering a run for the Louisiana governor's office, but stopped short of throwing his hat into the race. He made the statement while speaking at the Baton Rouge Press Club Monday. Kennedy also announced today he's planning to give... more »
  • New state office to target debt collection

    June 11, 2013 2:31 PM

    BATON ROUGE- A new state agency is being created to beef up Louisiana's efforts to collect delinquent accounts owed to the state. Lawmakers who overwhelmingly agreed to set up the Office of Debt Recovery are hoping to drum up new dollars for the treasury in a state struggling through six... more »
  • Community college construction bill nears passage

    May 14, 2013 1:19 PM

    BATON ROUGE - Louisiana higher education leaders are at odds over a proposal to let the community college system tap into construction dollars outside of the traditional budget process. The community colleges are winning the legislative battle so far. A bill allowing the community college system to sidestep the regular... more »
  • America is America's biggest creditor

    April 29, 2013 7:28 PM

    WASHINGTON- Despite what you've heard, China isn't the country's biggest creditor, America is. The national debt is soon to be a staggering $17 trillion and the bulk of that is held by the Federal Reserve, Social Security system, various pension plans for civil service workers and the military, mutual funds,... more »
  • Jindal administration weighs debt refinancing

    February 14, 2013 5:45 PM

    BATON ROUGE - The Jindal administration is looking at ways to restructure Louisiana's debt to keep dollars flowing for state construction projects, even as the state hovers near its debt ceiling. The governor's top budget adviser, Commissioner of Administration Kristy Nichols, said Thursday that the administration will ask the Bond... more »
  • Stripped and whipped

    February 13, 2013 7:51 PM

    Three people are behind bars for stripping and whipping a young man because of his father's $20 debt. Authorities in Newark, New Jersey say they have a video showing the beating and the three arrested are affiliated with a street gang. The 21-year-old was beaten with a belt and had... more »
  • Obama signs bill averting government default

    February 5, 2013 7:30 AM

    WASHINGTON - President Barack Obama has signed into law a bill raising the government's borrowing limit, averting a default and delaying the next clash over the nation's debt until later this year. The legislation temporarily suspends the $16.4 trillion limit on federal borrowing. Experts say that will allow the government... more »
  • Elusive apartment owner owes $100,000 to city Play Video

    January 30, 2013 6:37 PM

    BATON ROUGE - Conditions continue to get worse at an apartment complex with a history of trouble in Baton Rouge. The majority owner of the Brandywine Apartments, Dr. Stephen Ayers from Lake Charles, missed utility payments for years and now owes the city more than $100,000. The parish told... more »
  • House passes bill to defuse debt crisis

    January 23, 2013 12:29 PM

    WASHINGTON (AP) - The House has passed a bill to permit the government to borrow enough money to avoid a first avoid default for at least four months, defusing a crisis looming next month and setting the stage for a springtime debate over taxes, spending and the deficit. The House... more »
  • House GOP seeks to defuse debt crisis

    January 23, 2013 6:56 AM

    WASHINGTON - House Republicans are moving to try to defuse a potential debt crisis with legislation to prevent an economy-rattling fiscal crisis for at least three months. The GOP legislation marks a tactical retreat by House GOP leaders, eager to avoid a potential first-ever default on U.S. payment and debt... more »
  • GOP moves to delay debt-ceiling showdown 3 months

    January 22, 2013 4:08 PM

    WASHINGTON - Republicans controlling the House are moving quickly to try to defuse a potential debt crisis. They're offering legislation to prevent a first-ever default on U.S. obligations for three months or more. The Republicans are giving up for now on trying to extract spending cuts from Democrats in return... more »
  • GOP official: House to vote on delaying debt limit

    January 18, 2013 12:04 PM

    WASHINGTON - A Republican official says the GOP-controlled House will vote next week to permit the government to borrow more money to meets its obligations. Full details aren't settled yet, but the move is aimed at giving the government about three more months of borrowing authority beyond a deadline expected... more »
  • US taps pension fund to avoid passing debt limit

    January 15, 2013 5:46 PM

    WASHINGTON - Treasury Secretary Timothy Geithner says the government has begun borrowing from the federal employee pension fund to keep operating without surpassing its debt limit. Geithner says in a letter to congressional leaders that the move will free up $156 billion in borrowing authority while Congress debates increasing the... more »
  • Geithner: Gov't could pass debt limit by mid-Feb.

    January 14, 2013 4:08 PM

    WASHINGTON - Treasury Secretary Timothy Geithner is telling congressional leaders that the U.S. government will exhaust its borrowing limit as soon as mid-February, earlier than expected. The government reached its $16.4 trillion borrowing limit on Dec. 31, but began using bookkeeping maneuvers to keep from surpassing it. In a letter... more »
  • Boehner: GOP will pass 'responsible' debt bill

    January 14, 2013 1:05 PM

    WASHINGTON - Speaker John Boehner says the GOP-controlled House will "do its job" and pass legislation to lift the nation's borrowing cap and keep the government running, but will insist that Democrats accept new spending controls. Boehner acknowledged Monday that failing to lift the so-called debt ceiling would have bad... more »
  • Obama: Debt limit increase can't be tied to spending cuts

    January 14, 2013 12:50 PM

    WASHINGTON - President Barack Obama is demanding that Congress quickly raise the nation's $16.4 trillion debt limit, telling reporters, "we are not a deadbeat nation." At a White House news conference less than a week before he takes the oath of office for a second term, Obama warned that if... more »
  • Governors warn Congress over debt limit

    January 9, 2013 10:41 AM

    WASHINGTON - Governors are warning Congress that lingering uncertainty over raising the nation's debt limit could hinder their state budgets and job growth. Delaware Gov. Jack Markell and Oklahoma Gov. Mary Fallin are outlining state agendas in 2013 as part of the National Governors Association. Markell says the postponing of... more »
  • Boehner says debt limit should be part of talks

    November 9, 2012 10:54 AM

    WASHINGTON - House Speaker John Boehner says any deal to avert the so-called fiscal cliff should include lower tax rates, eliminating special interest loopholes and revising the tax code. Speaking to reporters Friday, the Ohio Republican insisted that changing the tax code and making it more efficient would lead to... more »
  • Virginia company chosen for debt collection work

    November 8, 2012 5:06 PM

    BATON ROUGE - Gov. Bobby Jindal's administration has chosen a private company to help devise a strategy for improving collection of millions of dollars in unpaid debts owed to state agencies. Jindal's top budget adviser, Commissioner of Administration Kristy Nichols, announced Thursday that CGI Technologies and Solutions Inc. will do... more »
  • Obama must work with status-quo Congress to avert financial crisis

    November 7, 2012 11:24 AM

    WASHINGTON - With a second term ahead of him, President Barack Obama faces the urgent task of working with Congress to address an impending financial crisis that economists say could send the country back into recession. Automatic tax increases and across-the-board spending cuts known as the "fiscal cliff" are set... more »
  • Average debt up again for new college grads

    October 18, 2012 7:08 AM

    OAKLAND, Calif. - A new report shows two-thirds of the national college class of 2011 finished school with loan debt, and those who borrowed walked off the graduation stage owing on average $26,600. That's up about 5 percent from the class before. The latest figures are calculated in a... more »
  • Arkansas' Smith faces creditors in bankruptcy case

    October 12, 2012 3:29 PM

    FAYETTEVILLE, Ark. - An attorney for Arkansas coach John L. Smith says a computer error in his bankruptcy case is behind what appeared to be a huge jump in his debt. Smith's initial Chapter 7 filing in September listed $25.7 million in debt. He later amended that to $40.7 million,... more »
  • New program hopes to recoup state-owed debts

    October 12, 2012 10:27 AM

    BATON ROUGE - The state Department of Revenue announced it's working on a new program to collect money owed to the state by intercepting federal payments. The Federal-State Offset Program would let them take money out of federal payments to vendors or contractors with outstanding, non-tax debts owed to... more »
  • Arkansas coach Smith bankruptcy shows $25.7M debt

    September 20, 2012 10:43 AM

    FAYETTEVILLE, Ark. - New documents filed in Arkansas coach John L. Smith's bankruptcy show he has debts of more than $25 million and assets of just over $1.2 million. Smith filed for Chapter 7 bankruptcy earlier this month after real estate investments he made in Kentucky went sour. The documents... more »
  • Piccadilly files for bankruptcy protection

    September 12, 2012 11:01 AM

    BATON ROUGE - The Baton Rouge-based restaurant chain Piccadilly's filed for Chapter 11 bankruptcy protection this week. According to The Advocate, Piccadilly Restaurants LLC said the filing was to head off "an aggressive legal maneuver" by its lender, Atalaya Capital Management. Piccadilly filed for protection in U. S.... more »
  • National debt hits $16T; GOP critical

    September 4, 2012 4:36 PM

    WASHINGTON - The national debt has topped $16 trillion as chronic government deficits have piled more than $50,000 worth of debt onto federal ledgers for every man, woman and child in the United States. Barack Obama's GOP rivals used the grim but expected news to blast the president for the... more »
  • Livingston Parish jail causing major budget concerns Play Video

    July 26, 2012 5:54 PM

    LIVINGSTON - Costs to operate the Livingston Parish Jail are draining the parish budget, and could plunge it into debt by the end of 2012 if corrections aren't made. Director of Finance Jennifer Meyers says there is no immediate threat of layoffs or a reduction in parish services. She... more »
  • La. considering ways to boost debt collection

    July 12, 2012 11:44 AM

    BATON ROUGE- State officials are looking at ways to beef up efforts to collect hundreds of millions of dollars in debts owed to agencies across Louisiana government. Louisiana doesn't have a centralized collection agency that handles all state government debts. Lawmakers authorized the creation of a two-year pilot program that... more »
  • The price of oil continues to fall

    May 18, 2012 10:56 AM

    NEW YORK - Oil prices are lower ahead of a weekend meeting where leaders of the world's biggest economies will look for ways to help Europe resolve its debt crisis. Benchmark oil fell 60 cents to $91.96 per barrel on Friday in New York. Brent crude dropped 32 cents to... more »
  • Mass. woman balks at paying old $73 debt to NJ

    April 30, 2012 12:56 PM

    AMESBURY, Mass. - A Massachusetts woman who got a bill for $73 from the state of New Jersey for a decades-old debt says she has no intention of paying. Alice Mainville, of Amesbury, got a letter recently telling her she owes New Jersey's Department of Labor $73 because it gave... more »
  • La.'s per capita debt rises again in last year

    March 1, 2012 11:41 AM

    BATON ROUGE- Louisiana's per capita debt load has risen over the last year, but the state remains well below its debt ceiling. The latest debt report was presented to the Bond Commission on Thursday. It showed Louisiana carried a debt ratio of $1,318 for every man, woman and child in... more »
  • Debt leads to torching in NYC elevator

    December 19, 2011 5:59 AM

    NEW YORK - Police in New York say an unpaid debt led to the torching of a woman Saturday on a Brooklyn elevator. 73-year-old Deloris Gillespie was returning to her fifth-floor apartment with her groceries, as a man stood waiting for her. Surveillance video from inside the elevator... more »
  • Obama announces debt plan built on taxes to rich; GOP derides it

    September 19, 2011 4:07 PM

    WASHINGTON - Saying "We can't just cut our way out of this hole," President Barack Obama is calling for $1.5 trillion in new taxes as part of a 10-year deficit reduction package totaling more than $3 trillion. Speaking in the White House Rose Garden this morning, Obama said, "It's... more »
  • Legislature liable for steel plant borrowing

    August 19, 2011 10:07 AM

    BATON ROUGE - The state Bond Commission has put the Legislature on the hook for repaying $35 million in borrowing for steel producer Nucor Corp. The Advocate reports the commission's action on Thursday means the legislators will have to come up with as much as $975,382 by next summer... more »
  • Boehner names GOP members of 'super' debt panel

    August 10, 2011 2:12 PM

    WASHINGTON - A conservative Texas Republican congressman has been chosen to co-chair a powerful new committee that's supposed to find a bipartisan plan to cut the federal budget deficit by more than $1 trillion. House Speaker John Boehner (BAY'-nur) today named Jeb Hensarling to that post. The Democrat who... more »
  • Tucker: La. could feel impact from U. S. downgrade

    August 8, 2011 5:34 PM

    BATON ROUGE- Louisiana House Speaker Jim Tucker says the state could feel an impact from the federal debt downgrade. Tucker (R-Terrytown) told the Baton Rouge press club this type of situation makes the business world uneasy. He says that could hurt a company or individual's decision to invest, which... more »
  • Moody's backs US triple-A rating; outlook negative

    August 2, 2011 5:26 PM

    WASHINGTON - Moody's Investors Service says the United States will retain its triple-A bond rating following passage of legislation to boost the debt ceiling. But the rating agency says it is lowering the outlook for possible future changes to negative. Moody's says in a statement the bill signed into... more »
  • House votes to raise debt limit, cut spending

    August 1, 2011 6:35 PM

    WASHINGTON - The House has passed legislation designed to keep the government from defaulting on its debts. The measure also sets a course for reducing the federal deficit in the future. The Senate, where support is stronger, is expected to take up the bill on Tuesday, the deadline for... more »
  • House begins debate on debt limit compromise

    August 1, 2011 4:48 PM

    WASHINGTON - Congress has started debating the debt limit compromise negotiated by President Barack Obama and Republican leaders. The GOP-run House began considering the bill less than a day after the White House and top lawmakers reached agreement on a dispute that had locked them in deadlock for months.... more »
  • Small spending cuts to have little economic impact

    August 1, 2011 10:17 AM

    WASHINGTON - The first phase of a deal to raise the government's borrowing limit would pose little threat to the economy in the short term because almost none of the spending cuts would occur before 2014. Discretionary spending, which excludes Social Security, Medicare and Medicaid, would be cut by... more »
  • White House, GOP discuss potential debt limit pact

    July 31, 2011 10:01 AM

    WASHINGTON- White House officials and congressional Republicans are discussing a potential agreement that could end their bitter debt limit showdown. The hope is that a deal can be completed by Tuesday to avert a possible government default. Officials speaking on condition of anonymity say the White House and GOP... more »
  • Moody's says US should retain top credit rating

    July 29, 2011 5:47 PM

    WASHINGTON - Moody's Investors Service says the United States should be able to keep its triple-A credit rating as long as Washington works out a deal that lets it continue to pay bondholders. The credit rating agency said late Friday that it thinks that even if the debt limit... more »
  • House approves GOP bill extending debt limit

    July 29, 2011 5:39 PM

    WASHINGTON - Republicans have muscled legislation to extend the government's borrowing authority and cutting spending through the House over solid Democratic opposition. The 218-210 vote sets up a confrontation with the Democratic-controlled Senate and President Barack Obama, who say the GOP-written measure will die in the Senate. They say... more »
  • Obama says multiple ways out of debt ceiling mess

    July 29, 2011 10:48 AM

    WASHINGTON - President Barack Obama says there are multiple ways to resolve the debt ceiling mess, but it has to be bipartisan and it has to happen fast. The president urged Democrats and Republicans in the Senate Friday to come together on a plan that can pass the House... more »
  • House postpones vote on GOP debt ceiling plan

    July 28, 2011 5:14 PM

    WASHINGTON - The U. S. House has delayed a vote on the GOP-backed plan to raise the debt ceiling before the government defaults on its loans Aug. 2. Rep. Bill Cassidy (R-La.) confirmed to News 2 that the vote had been delayed while Republicans did some last-minute "whipping" to... more »
  • Top bankers urge Obama, Congress to reach deal

    July 28, 2011 1:54 PM

    NEW YORK - The chief executives of the nation's largest financial institutions sent a letter to The White House and to members of the U.S. Congress, urging them come to an agreement this week to raise the nation's borrowing limit. A deal must be made by Aug. 2 to... more »
  • GOP rank and file moving behind Boehner debt plan

    July 27, 2011 10:56 AM

    WASHINGTON - House Republicans seem to be rallying behind Speaker John Boehner's plan for lifting the U.S. borrowing cap. Several Republicans said they were warming to Boehner's plan for linking about $1 trillion in budget cuts as the price for raising the debt limit - even though they would... more »
  • Phone lines, websites busy as people weigh in on debt limit

    July 26, 2011 2:12 PM

    WASHINGTON - President Barack Obama's appeal for Americans to let their lawmakers know how they feel about the debt limit debate may be having an impact. Congressional officials say the House switchboard is near capacity, and they're suggesting using backup numbers. Websites are also experiencing heavy traffic. But... more »
  • Boehner exits budget talks with Obama

    July 22, 2011 5:05 PM

    WASHINGTON - President Barack Obama is set to address reporters Friday evening, and a Democratic official says House Speaker John Boehner called Obama and said he was walking away from the talks. The Democratic official says Boehner was halting talks for a second time over an unwillingness to consider... more »
  • Moody's warns it may downgrade US credit rating

    July 13, 2011 4:50 PM

    WASHINGTON - Moody's Investors Service is threatening to lower the United States' credit rating, saying there is a small but rising risk that the government will default on its debt. The credit rating agency says it will review the federal government's triple-A bond rating because the White House and... more »
  • Obama still pushing for large deficit deal

    July 11, 2011 11:13 AM

    WASHINGTON - President Barack Obama says he will continue to push congressional lawmakers to reach the largest deal possible to cut government spending and raise the nation's borrowing limit. Obama says he knows his call for a large deal faces resistance. House Speaker John Boehner has said a smaller... more »
  • Obama: Don't use debt as a gun against Americans

    July 6, 2011 4:53 PM

    WASHINGTON - President Barack Obama says the debt ceiling should not "be used as a gun against the heads" of Americans to retain breaks for corporate jet owners or oil and gas companies. Answering questions posed to him on the social Networking site Twitter, the president cast the debate... more »
  • Chrysler to Repay Government Bailouts

    April 28, 2011 7:40 PM

    Chrysler says it will soon repay $7.5 billion in bailout money from the U.S. and Canadian governments, a sign the company is recovering from its near collapse two years ago. The company says it will get new bank loans and money from a new bond sale to retire the debt... more »
  • Geithner confident Congress will raise debt limit

    April 17, 2011 9:22 AM

    WASHINGTON - Treasury Secretary Timothy Geithner says Republicans are assuring the administration that they will pass an increase in the government's borrowing limit in time to prevent an unprecedented default on the nation's debt. Geithner tells NBC's "Meet the Press" that Republicans gave this assurance to President Barack Obama at... more »
  • State's per capita debt grows higher in 2010

    March 17, 2011 5:11 PM

    BATON ROUGE - Louisiana's debt load has grown over the last year, reaching $1,307 for every man, woman and child in the state, nearing the record set for the last 20 years. Despite the increase, the State Bond Commission was told the state remains below its debt ceiling, though... more »
  • Chrysler Hopes to Refinance and Pay Gov't Debt

    January 10, 2011 7:17 PM

    The CEO of Chrysler says the company will try to refinance its government loans this year as it prepares for an initial public stock offering in hopes of paying off its debt. Sergio Marchionne says Chrysler can post a net profit for the first time since emerging from bankruptcy... more »
  • Holiday money mistakes to avoid

    November 25, 2010 12:27 PM

    CHICAGO - Experts say Black Friday shoppers should remember their budgets before they head out the door with their credit cards and holiday lists. Consumers Reports say shoppers can end up taking a year to pay for all the spending. It says more than 13 million people are still paying... more »
  • Ascension Parish almost debt free on Lamar Dixon Expo Center

    October 19, 2010 5:58 PM

    Ascension Parish is close to paying off its loan on the Lamar Dixon Expo Center. The parish will pay it off sooner than expected, thanks to state and federal grants. Parish President Tommy Martinez recently received a check for nearly $4.7 million from the federal government and will use... more »
  • Many federal Katrina loans won't have to be repaid

    August 19, 2010 2:22 PM

    About 61 percent of the $822 million in federal funds borrowed by storm-wrecked communities after hurricanes Katrina and Rita won't have to be repaid. But that leaves more than $296 million owed to the federal government. Financially struggling sheriffs, school boards, parish councils and other local government agencies received federal... more »
  • Addis continues murder investigation

    July 12, 2010 4:31 PM

    A man shot to death in his Addis home was hundreds of thousands of dollars in debt. Police are trying to determine if that was a factor in 40-year-old Corey Kitts' death. Kitts was found shot to death Friday. An autopsy revealed he was shot three times in his... more »
  • Louisiana's per capita debt grows

    February 18, 2010 1:13 PM

    Louisiana's debt load has crept upward over the last year, and it will continue to hover near the state's debt ceiling for decades. That's the assessment of the latest report, released Thursday,on the "net state tax supported debt" for Louisiana. It was presented to the Bond Commission. State... more »
  • Stock Market Drops

    November 27, 2009 9:43 AM

    Stocks are tumbling as fears sweep world markets that financial trouble in the Middle Eastern city-state of Dubai will upend a global economic recovery. Treasury prices are jumping Friday as the dollar rises against other major currencies. Investors are seeking safety following steep drops in overseas markets. Commodities prices are... more »
  • La. gets $362M debt notice

    September 15, 2009 3:59 PM

    BATON ROUGE, La. (AP) - Louisiana has received a $362 million debt collection notice from Washington. Federal health officials formally notified Louisiana on Tuesday that the state's charity hospitals were overpaid federal health care dollars in the mid-1990s. Now, the federal Centers for Medicare and Medicaid Services wants to... more »

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