Italian prosecutors say they have broken up an organised crime ring that was hiding trillions of dollars of fake US bonds. The BBC's Alan Johnston reports.

At $1 trillion dollars, student loan debt has eclipsed credit card debt for the first time in American history. To make matters worse, come July 1 the interest rate on federally subsidized Stafford student loans will automatically double, from 3.4% to 6.8%, unless Congressional action is taken to extend the lower rate before then. Depending on which side of the aisle you choose, extending the lower rate will cost between $3 billion and $7 billion per year (estimates from the center of the aisle hover around $5.5 billion).

Italian prosecutors arrest eight people and seize $6 trillion in fake US bonds found in a Swiss warehouse.

Barack Obama formally tells Congress of proposals for a $1.2 trillion rise in borrowing, risking another battle with Republicans.