(CNNMoney) - Rand Paul is threatening to try to block the full Senate from considering President Obama's nomination of Janet Yellen to head the Federal Reserve.
The Kentucky Republican said in a statement that he intends to put a hold on the nomination unless his legislation to have audits of the Fed is brought to a vote as well.FULL STORY
(CNNMoney) - If a federal worker is on the job, he or she must be paid. The only question is when.
Even though the government is currently shut down, most of the federal government's 3.5 million workers remain on the job, and not on furlough. About 3 million staffers are reporting for duty because they have been deemed essential to the public safety.FULL STORY
(CNNMoney) - If the week-long government shutdown stretches to a month, it would mean a $50 billion blow to the U.S. economy.
That estimate is actually $5 billion lower than the initial estimate of Mark Zandi, chief economist for Moody's Analytics. He lowered his forecast after the Defense Department recalled nearly half of 800,000 federal employees furloughed last week, and it appeared Congress would quickly approve a measure to pay furloughed workers retroactively.FULL STORY
New York (CNNMoney) - President Obama's former chief economic adviser takes issue with Jack Welch's assertion that he, like the former General Electric CEO, has accused the government of manipulating the unemployment rate.
Austan Goolsbee responded on Twitter to Welch's op-ed piece in The Wall Street Journal on Wednesday. In the Journal, Welch defended his widely noted Tweet last week questioning the drop in the September jobless rate, citing Goolsbee as saying in 2003 that "the government has cooked the books."FULL STORY
New York (CNNMoney) - The big drop in the unemployment rate a month before the presidential election brought cries of disbelief and conspiracy theories from Jack Welch and other critics of the Obama administration Friday. But the Labor Department was quick to dismiss such claims.
"Unbelievable jobs numbers..these Chicago guys will do anything..can't debate so change numbers," tweeted Welch, the former CEO of General Electric.FULL STORY