New York (CNNMoney) - Treasury Secretary Jack Lew told Congressional leaders Friday in essence that the full faith and credit of the United States could be in jeopardy after Feb. 27 if lawmakers don't raise the debt ceiling.
That's when Lew now estimates Treasury will run out of special accounting maneuvers to ensure all the country's bills are paid in full and on time.FULL STORY
New York (CNNMoney) - A new analysis by a think tank shows that Washington's drop-dead deadline for the debt ceiling could hit as soon as Oct. 18.
Estimating exactly when the Treasury Department will be unable to pay all the bills coming due every day if Congress fails to raise the nation's legal borrowing limit is notoriously difficult.
That's why, in an analysis released Tuesday, the Bipartisan Policy Center put the "X date" between Oct. 18 and Nov. 5.FULL STORY
(CNNMoney) - The way some people have interpreted the latest Obamacare rule change, you'd think the administration was inviting people to steal from the government.
Officials announced on July 5 that insurance exchanges could relax how they verify the income of people who apply for federal financial help in the first year.
But experts say the temporary change won't necessarily make it easier to scam the system.FULL STORY
New York (CNNMoney) - The looming $85 billion in spending cuts coupled with new tax increases will slow economic growth considerably this year.
But the economy is likely to pick up steam in 2014, pushing unemployment down and setting the stage for a rise in interest rates and inflation.FULL STORY
New York (CNNMoney) – Government borrowing will hit the debt ceiling on Monday, Treasury Secretary Tim Geithner said in a letter to Congress Wednesday.
As a result, the Treasury Department will soon start using what it calls "extraordinary measures" to prevent government borrowing from exceeding the legal limit, Geithner wrote.FULL STORY
New York (CNNMoney) - Yes, Virginia, there still could be a fiscal cliff deal by the end of this year. But given how things unraveled in Washington this week, there's also a good chance the country could go over the cliff for a time.
The good news: It won't be the end of the world.
New York (CNNMoney) - Congress and the White House created the fiscal cliff. And now they've waited too long to avert it, even if they do somehow eke out a deal by Dec. 31.
Dragging out the negotiations this far has created needless uncertainty and pushed some individuals and businesses to try to protect themselves against something the government may or may not do.FULL STORY
New York (CNNMoney) - With just two weeks to go before the end of the year, the fiscal cliff remains unresolved and the country's debt is just $63 billion shy of the $16.394 trillion legal borrowing limit.
House Speaker John Boehner has offered to extend the debt limit for a year as part of a deal to avoid the fiscal cliff, a source familiar with the talks told CNN on Sunday.FULL STORY
New York (CNNMoney) – What happens if Washington fails to avert the fiscal cliff before the end of the year?
Some lawmakers and pundits suggest it won't be a big deal to go over the cliff for a short while. But that is assuming a lot, especially since Congress will be navigating uncharted waters.FULL STORY
New York (CNNMoney) - As Congress dithers on resolving the fiscal cliff and long-term debt, 87 CEOs of major companies publicly urged lawmakers to compromise - and fast.
Their prescription: a debt-reduction plan that raises tax revenue and cuts spending.FULL STORY