Word: default
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...budget plan and not on an extension of the nation's debt ceiling, which is scheduled to expire sometime this month. Republicans have said they won't agree to more than a brief extension of the debt--which must be approved by Congress and is necessary to avert default on billions of dollars in government bonds--unless President Clinton agrees to accept the main provisions of their budget package. So far, the President has rejected making a deal...
Treasury Secretary Richard Rubin, who is scrambling for ways to avoid a default on the federal debt, announced a series of moves to enable the government to make $102 billion in loan payments when they come due Wednesday and Thursday. The Treasury will auction securities to raise the money and borrow most of the rest from two government retirement funds. Borrowing allows President Clinton in effect to temporarily raise the debt ceiling while vetoing a GOP bill loaded with politically unpalatable amendments. But the strategy has a price: "They have to pay back the money they borrowed plus the interest...
...owes $1.4 billion in back payments to the U.N., 40 percent of its total bill, and is the largest debtor to the U.N. refusing to pay. As a result, the U.N. may have to default on its $1.2 billion debt to 80 countries. Ironically, the hardest hit will probably be American contractors who have done most of the U.N.'s work and who will have to absorb the default...
...ended for She when she pulled her hamstring in her second consolation match of the second singles flight against Natalie Adsnar from Illinois. She was forced to default her second match after losing her first match to Purdue's Alyssa Kohl, 6-4, 6-2, and she became the fourth player on the Crimson's injury list...
...virtual democracy directed and administered by members who also have considerable leeway in determining who will preach and conduct religious services. Those Catholics who now petition for a greater say in the running of their parishes may someday get even more than they asked for, if only by default...