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
New York (CNNMoney) - One of the big unknowns about Mitt Romney's $5 trillion tax plan is how he would pay for it.
According to a report released Wednesday, one of the options he has talked about wouldn't raise nearly enough money on its own.FULL STORY
NEW YORK (CNNMoney) - Whoever wins the presidential election on Nov. 6 will be under pressure to tame federal deficits. And the subject, directly or indirectly, is likely to come up during Tuesday's town hall debate between President Obama and Mitt Romney.
Indeed, the candidates share a similar goal when it comes to the federal debt: They say they want to get it under control.FULL STORY
New York (CNNMoney) - The White House on Friday told government contractors worried about fiscal cliff spending cuts to hold off on warning employees about possible layoffs.
The government said it would cover legal costs if contractors are forced to slash their payrolls because of the looming $109 billion in automatic cuts next year and are alleged to have violated the WARN Act.FULL STORY