No other level of government has the borrowing ability, the monetary policy tool-chest, or the confidence of global markets behind it, to keep the fragile economy buoyant.
Then there are the countries that still have the cash or borrowing ability to push for more growth, like the United States, Germany and China, which happen to be three of the world's biggest economies.
The BBC has only the most limited borrowing ability and was in danger of running out of money, a process that could begin accelerating if more viewers began exploiting "the loophole".
In fact, they are an immense wager — which anyone with lots of money or borrowing ability can enter — about how mortgage-backed bonds, leveraged loan bonds, student loan bonds, credit card bonds and the like will perform.
Nervous about the possibility of an unmanaged bankruptcy – which could have tanked the bond rating and borrowing ability of the entire state – Snyder appointed bankruptcy lawyer Kevyn Orr as Detroit's "emergency manager" in March.
DealBook » Regulators Said to Weigh Volcker Exemption | Banking regulators are looking into whether they can exempt sovereign debt from the Volcker Rule restriction on proprietary trading, as foreign leaders raise concerns that the regulation could hurt their borrowing ability, Bloomberg News reports, citing an unidentified person familiar with the talks.
Even these forms of assurance represent a significant burden in that they reduce the credit rating and borrowing ability of the company (Miller 2005).
Unemployment is soaring, tax revenues are plunging, demand for state services is rising and unlike President Obama, the governors don't have nearly unlimited borrowing ability or any sort of honeymoon with their taxpayers.
Experts say the plan would be lawful and should allow the government to keep spending if President Barack Obama fails to convince lawmakers to raise the "debt ceiling" - a cap, set by Congress, on the US government's borrowing ability.
