Debt ceiling awaits Congress after summer break
Treasury Secretary Jack Lew has yet to give Congress a more precise deadline for raising the debt ceiling.
July 31st, 2013
10:55 AM ET
1 year ago

Debt ceiling awaits Congress after summer break

New York (CNNMoney) - It's not negotiable: Congress will have to soon raise the debt ceiling. The only question is when.

On Wednesday, the Treasury Department said again that it can continue to pay the country's bills in full without breaching the legal limit on borrowing until sometime after Labor Day.

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Filed under: Congress • national debt
Immigration bill could cut deficits by $175 billion – CBO
June 18th, 2013
06:41 PM ET
1 year ago

Immigration bill could cut deficits by $175 billion – CBO

New York (CNNMoney) - A bipartisan Senate bill that would create a path to legal status for many of the 11.5 million undocumented immigrants in the United States could reduce deficits by $175 billion over the first 10 years and by at least $700 billion in the second decade.

That's according to an analysis released Tuesday by the nonpartisan Congressional Budget Office.

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Spending cuts likely deeper in 2014
June 10th, 2013
07:13 AM ET
1 year ago

Spending cuts likely deeper in 2014

New York (CNNMoney) - There's been a lot of concern about the effects of the spending cuts under the so-called sequester this year. But it's likely that federal spending will soon go down even further in many ways.

That's because, barring action by lawmakers, the cap on total defense and domestic "discretionary" spending is set $19 billion lower for fiscal 2014, which begins Oct. 1.

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Filed under: Budget
IRS role in Obamacare
May 28th, 2013
07:21 AM ET
1 year ago

IRS role in Obamacare

New York (CNNMoney) - The IRS has a big target on its back these days. Its leaders have been pummeled on Capitol Hill over inappropriate targeting of Tea Party groups applying for tax-exempt status.

And some Republicans say they want the IRS to stop issuing and enforcing rules related to Obamacare at least until a federal investigation of the case is over.

FULL STORY

Filed under: Health care • IRS
Debt ceiling: Treasury starts juggling act
May 17th, 2013
03:04 PM ET
1 year ago

Debt ceiling: Treasury starts juggling act

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

Filed under: Debt
Current deficit plunges 32%
May 7th, 2013
06:08 PM ET
1 year ago

Current deficit plunges 32%

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.

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Filed under: Deficit
FAA furlough reprieve: 'No fair!'
April 26th, 2013
05:12 PM ET
1 year ago

FAA furlough reprieve: 'No fair!'

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

Filed under: Budget • FAA
What's in Obama's budget
April 10th, 2013
07:41 AM ET
1 year ago

What's in Obama's budget

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

Filed under: Budget • President Obama
Ryan's balanced budget quest
March 7th, 2013
10:37 AM ET
2 years ago

Ryan's balanced budget quest

New York (CNNMoney) - House Budget Chairman Paul Ryan will release the latest version of his budget proposal on Tuesday.

The 2014 plan, he promises, will balance the federal budget in 10 years.

Is that possible?

FULL STORY

Filed under: Budget • Paul Ryan
Why spending cuts may be here to stay
March 6th, 2013
07:29 AM ET
2 years ago

Why spending cuts may be here to stay

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

Filed under: Budget • Debt
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