Washington (CNNMoney) – Millions of American families are bracing for the forced budget cuts that could kick in on March 1.
Some of the hardest hit would be 2.1 million federal workers who could be spending up to 22 business days at home without pay on a furlough.FULL STORY
Washington (CNNMoney) – Federal workers could start facing furloughs as early as April, according to federal agencies trying to prepare for the worst.
Unless Congress steps in, some $85 billion in massive spending reductions will hit the federal government, doling out furloughs to much of the nation's 2.1 million federal workforce, experts say.FULL STORY
Washington (CNNMoney) – Treasury Secretary nominee Jack Lew faced some tough questions during his first confirmation hearing on Wednesday, as Republicans targeted his experience at Citigroup during the financial crisis.
In particular, lawmakers on the Senate Finance Committee asked Lew, now the White House Chief of Staff, about a fund organized in the Cayman Islands that he and other Citigroup employees invested in while he was employed there.FULL STORY
Washington (CNNMoney) - Some 600,000 poor women and children will no longer get free milk and cheese, and some 2,100 fewer food inspections will take place if federal budget cuts expected to kick in March 1 actually take place.
The White House warned Friday that some $85 billion in budget cuts coming as a part of the "sequester" will end up carving some 9% from non-defense programs and 13% from defense programs, because the cuts take place over 7 months instead of 12.FULL STORY
Washington (CNNMoney) – If it weren't for Congress, the U.S. Postal Service might not be doing so badly.
In the final three months of last year, the agency lost $1.3 billion - considerably less than the $3.3 billion lost in the same 2011 period.FULL STORY
Washington (CNNMoney) - Washington, D.C., is ground zero for federal jobs. Which means, residents better prepare for layoffs and furloughs.
Come March 1, if Congress fails to act, the so-called "sequestration" would slash $85 billion from federal budgets through Sept. 30, part of some $1.2 trillion dollars in cuts expected over the next decade.FULL STORY
Washington (CNNMoney) - The U.S. Postal Service plans to stop delivering letters and other first-class mail on Saturdays beginning Aug. 1, although packages will continue to be delivered.
Tired of waiting for Congress to help, the Postal Service later Wednesday is expected to unveil a series of more drastic cuts they plan to pursue that will save them billions of dollars, a spokesperson for the service confirmed.FULL STORY
Washington (CNNMoney) - It won't all be smooth sailing for Treasury Secretary nominee Jack Lew.
On Monday, a group of eight Republican senators fired out a letter claiming that Lew didn't comply with a federal law over Medicare funds while he was running the White House budget office.FULL STORY
Washington (CNNMoney) - With no lifelines in sight, the Defense Department has started preparing for the reality of 9.4% budget cuts kicking in next month by laying off up to 46,000 temporary workers.
And the Pentagon says that's just the beginning.FULL STORY
Washington (CNNMoney) – Chicago Mayor Rahm Emanuel on Friday asked big banks to stop lending to gun makers as a way to pressure the industry to support tougher gun control laws.
Emanuel, mayor of the nation's third-largest city and former chief of staff to President Obama, wrote the CEOs of Bank of America and TD Bank, since they finance gun makers that lobby against federal and local efforts to toughen gun control laws.FULL STORY