(CNNMoney) - Most Americans plan to cut spending to make up for income lost from the payroll tax hike, according to a New York Federal Reserve study released Wednesday.
The payroll tax cut, which was in effect in 2011 and 2012, reduced the amount withheld from workers' paychecks to 4.2%, down from 6.2%. That put an additional $1,000 a year in the pocket of the average household earning $50,000 a year. The provision was not renewed in January's fiscal cliff deal.FULL STORY
New York (CNNMoney) - The Obama administration says the Affordable Care Act will provide cheaper health insurance for millions of Americans.
But some people, particularly young men who aren't insured through their employers, could see their premiums go up once coverage in the state-based insurance exchanges begins in January.FULL STORY
New York (CNNMoney) - Starting in October, Americans without access to affordable health care coverage through their jobs will be able to shop for insurance for themselves and their families through state-run exchanges.
This week, the government unveiled the forms shoppers will fill out to apply for coverage through Obamacare. The government won't start accepting and processing those applications until later this year.FULL STORY
New York (CNNMoney) – Hiring slowed sharply in March, with the economy adding only 88,000 jobs, the lowest monthly gain since last June.
The unemployment rate slipped to 7.6%, according to a Labor Department report released Friday. But it's not good news: It's because nearly 500,000 people dropped out of the labor market.FULL STORY
New York (CNNMoney) – If you buy your own health insurance now, you'll be in for a big change when you sign up for coverage in 2014.
Just over half of the individual plans currently on the market do not meet the standards to be sold next year, when many key provisions of President Obama's Affordable Care Act kick in, according to a University of Chicago study. That's because the law sets new minimums for the basic coverage every individual health care plan must provide.FULL STORY
New York (CNNMoney) - Republican state lawmakers may not want to expand Medicaid, but some are warming up to the idea of using federal funds to buy private insurance for the poor.
That twist is keeping alive the possibility of broadening Medicaid coverage in states where conservative legislators are bucking their governors' acceptance of the optional - and controversial - Affordable Care Act provision.FULL STORY
New York (CNNMoney) – The White House often says President Obama has a plan for reforming entitlements, particularly Medicare.
However, the specifics of that proposal don't spring to mind as easily as the reforms being bandied about in Republican circles, such as providing seniors with vouchers to pay for premiums or raising the retirement age.FULL STORY
(CNNMoney) – Despite their initial, vehement protests, a growing number of Republican governors are giving their blessing to expanding Medicaid in their states. That opens the door for millions of poor Americans to enroll in government health care coverage, beginning in 2014.
Florida Governor Rick Scott on Wednesday became the latest to warm up to the expansion, which broadens coverage to adults with incomes below 138% of the poverty line. Medicaid rules vary from state to state, but many states (including Florida) do not currently cover most childless, non-disabled and non-elderly adults.FULL STORY
(CNNMoney) - The long-term unemployed can kiss goodbye almost 10% of their weekly jobless benefits if federal budget cuts go into effect on March 1.
Many safety net programs, such as food stamps and Medicaid, are protected from the $85 billion in forced spending cuts, but extended federal unemployment benefits are vulnerable.FULL STORY
New York (CNNMoney) – Looking for ways to lift America out of a downward economic spiral, President Obama made a lot of promises in his State of the Union addresses ... and he even kept many of them.
Obama was more successful in pushing his policy goals through Congress in the first half of his first term, when both chambers were in Democratic control. By the time he gave his first address before Congress in 2009, he had already secured the American Recovery and Reinvestment Act and put in place a program to assist homeowners facing foreclosure. By midterm, he wrestled lawmakers into approving two other landmark pieces of legislation that dominated his early addresses: health care and Wall Street reform.FULL STORY