President-elect Donald Trump confounded members of Congress and flipped the government spending debate on its head when he demanded a premature increase to the debt ceiling on “Biden’s watch” rather ...

Pimco said it's reducing exposure to long-term U.S. bonds amid concerns about soaring federal deficits and debt. Instead, it favors shorter-term bonds, some overseas issuers, and corporate debt.

The difference is that the U.S. Treasury can issue bonds it sells to investors to fund its operation. It's borrowing capital from anyone who wants to buy American debt. Congress established the ...