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.FULL STORY
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.FULL STORY
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.FULL STORY
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
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