New York (CNNMoney) - The debt ceiling clock is about to start running again. The U.S. Treasury on Friday began using "extraordinary measures" to keep the country from defaulting on its obligations.
As part of a budget compromise in February, lawmakers suspended the country's legal borrowing limit at $16.394 trillion, and let Treasury keep borrowing to pay all the country's bills. But on Sunday the debt ceiling will automatically reset to a higher level reflecting the amount borrowed during the suspension period.FULL STORY
New York (CNNMoney) - The annual deficit has fallen 32% over the first seven months of this fiscal year compared with same period last year, according to Congressional Budget Office figures released Tuesday.
A major reason: A big jump in tax revenue.FULL STORY
New York (CNNMoney) - Millions of travelers frustrated by airport delays may be relieved that Congress did an about-face this week, passing legislation to end the furloughs of FAA air traffic controllers.
But advocates for everyone else directly affected by the so-called sequester are miffed with the selective undoing of what were supposed to be across-the-board cuts.FULL STORY
New York (CNNMoney) – President Obama on Wednesday will propose a $3.77 trillion budget for 2014 that would cut deficits by $1.8 trillion over the next decade, according to senior administration officials.
Obama's budget blueprint - which has already drawn criticism from the left and the right - will offer changes to Medicare and Social Security. It will also include tax increases that would primarily hit high-income households and corporations.FULL STORY
New York (CNNMoney) - The threat of automatic budget cuts was supposed to light a fire under lawmakers and force them to do their jobs.
Now that the cuts are in effect, they may end up being a crutch to let Congress avoid making tough choices about where money should be spent and where it should be cut.FULL STORY
New York (CNNMoney) – The political bickering over the automatic spending cuts has done little but cloud the public's understanding of what's going on and why.
So we'll try to set the record straight on at least a few oft-repeated misconceptions.FULL STORY
New York (CNNMoney) – When it comes to budgeting for the federal government, things are about to get strange.
Starting Friday, federal agencies will be forced to make cuts to their programs without knowing what their actual budgets for this year will be. Why? Because Congress never passed a budget, just a stopgap funding measure that expires soon.FULL STORY
New York (CNNMoney) - Chances are slim that Congress will avert the automatic spending cuts before they take effect on Friday. It's more likely lawmakers will reach a deal to replace the cuts after they begin.
But there's no telling when.
Funding for numerous federal agencies and programs will be slashed, half from defense and half from nondefense spending.FULL STORY