New York (CNNMoney) - The fiscal cliff hasn't been reached yet, but it has already affected the nation's economy.
Economists say some key aspects of the economy - particularly those affecting consumer and business spending - have been weakened by worries about the fiscal cliff negotiations. But they say the damage is relatively small so far, well short of the new recession that so many feared. Improvements in home and auto sales, as well as job creation, have tempered the decline up to now.
FULL STORY(CNN) - Senate Republicans and Democrats remain far apart in their effort to avert a year-end combination of spending cuts and tax increases that could trigger a new recession, Majority Leader Harry Reid said Sunday.
"There's still significant distance between the two sides, but negotiations continue," Reid said as Congress held a rare Sunday session in a bid to avoid the so-called fiscal cliff. "There's still time left to reach an agreement, and we intend to continue negotiations."
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(CNN) - In the final shopping weekend before Christmas, who will spend more on gifts: husbands or wives?
A new poll shows men will outspend the ladies, and will do so by a significant margin.
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New York (CNNMoney) – It's not the end of the world - literally or for the fiscal cliff talks - but the latest signs of gridlock on Washington have struck fear into investors.
Lawmakers in the House failed to support the so-called "Plan B", a proposal backed by House Speaker John Boehner, late Thursday. The White House had already threatened to veto that plan, saying it would bring only "minimal" changes in projected budget deficits, but its failure underscored the lack of progress on Capitol Hill as the cliff draws nearer.
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(CNN) - With the so-called fiscal cliff looming and the U.S. economy limping back to life, an overwhelming majority of Americans rate today's economic conditions as poor and are split on where the economy will be four years from now, according to a new survey.
The new CNN/ORC International poll shows only 26% of Americans think the economy is doing well while 74% view economic conditions as poor.
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New York (CNNMoney) - The U.S. economy grew faster than previously reported in the third quarter, as businesses built up their inventories and international trade was stronger than expected.
Gross domestic product, the broadest measure of the nation's economic health, grew at an annual rate of 2.7% from July to September, the Commerce Department said Thursday, faster than the 1.3% rate in the second quarter, and better than originally reported.
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(CNN) - Days before American shoppers rush to the stores for Black Friday deals after Thanksgiving, former Republican presidential candidate Rick Santorum joined a political choir urging Americans to buy at home this holiday season.
The Patriot Voice, a non-profit organization Santorum created in June after suspending his bid for the presidency, announced he and his wife, Karen Santorum's, "Made in the USA Christmas Challenge" Tuesday pushing holiday shoppers to buy gifts made in the United States.
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(CNN) – Republicans and Democrats alike voiced confidence Sunday that a deal could be struck to avoid tumbling over the so-called "fiscal cliff," though specifics on such a deal remained vague.
The two sides have until the end of the year to negotiate a budget-cutting deal to prevent middle class tax cuts from expiring and massive across-the-board budget cuts from taking effect. Democrats have largely favored raising taxes on wealthy Americans, while Republicans insist the solution comes in cutting federal spending.
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(CNN) – House Speaker John Boehner, talking about the prospect of negotiating with President Barack Obama on a deal to avoid the so-called fiscal cliff, said in an interview Thursday that he is the "most reasonable, responsible person here in Washington" and that Obama knew he was ready to hash out a plan.
"Of course we'll talk about it. We talk about all kinds of things we may disagree on," Boehner said in the interview with ABC News.
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(CNN) - Three days after being re-elected, President Barack Obama will deliver a statement on the economy Friday, two administration officials said Thursday.
The 1:05 p.m. ET statement in the East Room will serve as an opportunity to address some of the big issues that Washington will tackle in the next few months - including staving off the so-called fiscal cliff - and to outline his priorities moving forward.
An official schedule released by the White House Thursday said the statement would address "the action we need to take to keep our economy growing and reduce our deficit."
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