New York (CNNMoney) - The United States has never willfully defaulted on any of its legal obligations. So the consequences of doing so are unknowable.
But the general consensus is that it could be catastrophic. Or, in the best-case scenario, seriously damaging to the economy.FULL STORY
New York (CNNMoney) - Federal agencies started rolling out their plans Friday for how they would handle a government shutdown.
It's impossible to say yet whether a shutdown will happen. But Congress is still tied up in knots over how to pass even a short-term funding bill to keep the lights on.FULL STORY
New York (CNNMoney) – Treasury to Congress: The heat's on to raise the country's debt ceiling.
Treasury Secretary Jack Lew said Wednesday he now estimates he will have less cash on hand to pay the country's bills in mid-October than he previously thought.FULL STORY
New York (CNNMoney) - A little more than 43% of U.S. households - or 70 million homes – will end up owing no federal income taxes for 2013.
That's down from recent years because of an improving economy and the expiration of various tax cuts that were passed after the 2008 financial crisis, according to the nonpartisan Tax Policy Center, which published its latest estimates on Thursday.FULL STORY
New York (CNNMoney) - Republicans have officially gotten on board with raising revenue for deficit reduction - by curbing tax breaks in conjunction with lowering tax rates.
The idea of curbing tax breaks isn't new. Tax policy experts have touted it for years and Democrats, including President Obama, have proposed it in one form or another. That's why it may offer a key to resolving the fiscal cliff.FULL STORY