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
New York (CNNMoney) – Erskine Bowles and Alan Simpson proposed a new framework Tuesday to cut the country's debt by $2.4 trillion over the next decade.
Bowles and Simpson were the co-chairmen of President Obama's bipartisan fiscal commission in 2010, and their recommendations came to serve as a yardstick for other debt-reduction proposals.FULL STORY
New York (CNNMoney) – The $85 billion in spending reductions looming over the federal government will cut into the nation's homeland security department and affect how it carries out vital missions, a top Obama administration official warned Wednesday.
"Sequestration would roll back border security, increase wait times at our nation's land ports of entry and airports, affect aviation and maritime safety and security, leave critical infrastructure vulnerable to attacks, hamper disaster response time ... and significantly scale back cyber security infrastructure protections," Homeland Security Secretary Janet Napolitano wrote in a letter to lawmakers.FULL STORY
New York (CNNMoney) – Like suspense, confusion and midnight deals? Draw a big red circle around March.
It's chock full of cliffhanger deadlines and budget proposals that could drive the country's finances for the foreseeable future.FULL STORY
New York (CNNMoney) – House Republicans have put aside the debt ceiling as leverage in their fight for spending cuts. Now their goal is to balance the federal budget in 10 years.
Leading the charge will be Paul Ryan, chairman of the House Budget Committee, who is drafting the GOP's proposed 2014 budget.FULL STORY
New York (CNNMoney) - The House on Wednesday passed the "No Budget, No Pay Act," a Republican bill that would effectively defuse the debt ceiling threat for several months.
The bill would let the Treasury Department borrow new money until mid-May. In exchange, the legislation would require lawmakers in both chambers of Congress to pass a budget resolution or have their pay withheld until they do.FULL STORY
New York (CNNMoney) - The debt ceiling standoff isn't over just yet. But there's a chance it may be soon, at least temporarily.
On Wednesday the House is expected to vote on a Republican bill that would let the Treasury Department borrow new money until mid-May.FULL STORY