New York (CNNMoney) - Under Herman Cain's 9-9-9 tax reform plan, 84% of U.S. households would pay more than they do under current tax policies, according to a report released Tuesday by a nonpartisan research group.
And the impact would be felt most heavily by the lowest income groups.
Programming note: GOP presidential candidates next face off at 8 p.m. ET Tuesday, October 18, in the CNN Western Republican Presidential Debate in Las Vegas, Nevada. Submit your questions for the debate here.FULL STORY
NEW YORK (CNNMoney) – It's official: The U.S. government hit the debt ceiling on Monday, Treasury Secretary Timothy Geithner told Congress.
Geithner said he would have to suspend investments in federal retirement funds until Aug. 2 in order to create room for the government to continue borrowing in the debt markets.FULL STORY
NEW YORK (CNNMoney) - Stock up on lint rollers, because the fiscal fur is going to fly when the 112th Congress gets under way Wednesday.
A number of contentious tax and spending issues are on the docket, and factions within each party are ready for battle.
The fight over spending is likely to come to a head by March. That's when temporary funding for the government expires and when the country's debt load will be very close to surpassing the legal debt limit. (Senators: 'Put up or shut up on debt')FULL STORY
NEW YORK (CNNMoney.com) - Democrats pushing for health care reform are closer to the finish line than ever, but it's not over yet. And the question of cost will remain a central issue in coming days.
On Thursday, the Congressional Budget Office weighed in with a key - if still very preliminary - cost estimate.
The latest bill is a mix of provisions from a bill the Senate passed last December and proposals made by President Obama recently.