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
New York (CNNMoney) - Policymakers last overhauled the corporate tax system 26 years ago. The economy, international trade and technology have changed drastically since then.
The result is an outdated corporate tax code, which tax experts and business leaders say hinders rather than spurs U.S. competitiveness.FULL STORY
New York (CNNMoney) - Republicans are trying to make political hay of the fact that the federal gross debt this week crossed the $16 trillion mark.
But reaching that milestone was expected. And while notable, it overshadows the number that is of more immediate concern to Congress: the amount of debt subject to the legal borrowing limit.FULL STORY
NEW YORK (CNNMoney) - If the so-called fiscal cliff takes effect in 2013, the U.S. deficit outlook will improve, but scheduled tax increases and spending cuts would push the country into recession and unemployment up to 9%.
That's one of the main takeaways from an analysis Wednesday by the Congressional Budget Office, which released its updated budget and economic projections for 2012 through 2022.FULL STORY
New York (CNNMoney) - The Congressional Budget Office on Tuesday painted a stark picture of the country's fiscal future, which will be determined in part by tough choices lawmakers face in the coming months on the federal budget.
The CBO, the nonpartisan official beancounter in Washington, painted two scenarios for Congress.FULL STORY
New York (CNNMoney) - On Tuesday, House Speaker John Boehner all but promised an ugly fight over the debt ceiling this year unless GOP demands for spending cuts are met.
Sound familiar? The GOP took the same tact last year, leading eventually to an epic Washington fight that led to a first-ever U.S. credit downgrade and a major disruption in global markets.FULL STORY