DebtCeiling

Congressional Budget Office Warns of Recession in 2013

The nonpartisan Congressional Budget Office is warning that if $607 billion in tax increases and spending cuts all hit as scheduled, the U.S. will likely go into recession in 2013. It's a "fiscal cliff" we don't have to jump off.

Get Ready, America: The Debt Ceiling Debate Is Back

The U.S. is again closing in on its debt limit, and if a recent statement by John Boehner is any indication, another fight with the Obama administration over the issue is ahead. Here's a preview of what we might expect.

2011 in Business: 7 Stories That Affected You Most

Between debt ceiling debates, the crisis in the eurozone, and battles over tax rates, money issues filled the front pages in 2011. Here are our picks for the seven stories that most directly affected your wallet.

Irene's Aftermath: Economic Boost or Partisan Battlefield?

Now that Hurricane Irene has passed, it's time to get back to discussing the country's biggest unnatural disaster: the economy. But here, too, Irene is making her impact felt, as economists and pundits across the country debate whether the hurricane will help or hurt America's bottom line.

Why Taxing the Rich Is Good for America

Last week, Warren Buffett wrote an incredible opinion piece in The New York Times asking the government to raise taxes on the wealthiest Americans, himself included. "My friends and I have been coddled long enough by a billionaire-friendly Congress," he argued, and he's not alone in that view.

Medicare's Next Patient: The Federal Budget Deficit

As the federal super committee looks for $1.5 trillion in cuts, it's clear that fixing the federal budget will mean tackling big items -- including Medicare, America's most popular social program and one of its most expensive.

How U.S. Debt Stacks Up Against Other Nations

It's true that the U.S. has racked up the largest debt of any other developed country. But when you consider the debt in relation to the country's gross domestic product, it's only No. 7 on the list, according to Fortune.

How to Survive the Stock Market's Wild Ride

The stock-market roller coaster of the last couple of weeks -- culminating with Thursday's 500-point plunge on the Dow -- has been enough to make even the most stoic investors sweat. Experts offer opinions on how you can turn uncertainty into opportunity.

Debt-Ceiling Law: States Brace for Another Hit

The debt-ceiling discussions may be over, but the fallout for states is just starting. Many states, still struggling to recover to pre-recession levels, have depended on federal money to make up their shortfalls. As the flow of money slows, which states will take the biggest hits?

Five Takeaways from the Debt Debate

As the debt-ceiling discussion winds down in Washington and everyone laments over the meaning and mutual downside of compromise, the economy is still in trouble. But we learned some lessons along the way. Here are some key points from the debacle.

Apple: More Cash Than the U.S. Government?

As the debt ceiling insanity in Washington goes on, all that's certain is that the government is rapidly running low on cash to pay the bills. The amount left is now roughly $73.8 billion -- which sounds like a lot, until you realize that Apple's cash reserves are $2 billion more than that.

Could the U.S. Print Its Way Out of the Debt Crisis?

Everyone now knows the federal government is about to run up against its limit for borrowing money, but everyone also knows that governments can -- and do -- just print the stuff. Washington owns the Bureau of Engraving and Printing. Could the way to sidestep this looming crisis be just making more money?

Are Investors Fleeing to Apple for Safety?

It looks like Apple stock is one of the places skittish investors are moving money ahead of a potential U.S. debt default -- at least based on its share price. Apple's shares have risen 2% in the last week as the S&P has lost nearly 3% of its value.

No Debt Deal in Sight, Dow Plunges Nearly 200 Points

The Dow Jones industrial average was headed for its worst weekly decline in nearly a year, amid continuing uncertainty over a debt ceiling-deficit deal. After trading lower all day, stocks worsened in the afternoon on a Federal Reserve survey showing economic deterioration in much of the country this summer.

Debt Ceiling: Is U.S. Being Honest About Deadline?

There is emerging evidence that the Treasury Department may have money to pay U.S. obligations beyond the August 2 deadline. While the real date may still be in August, an extra week or two could have a big impact on consumers' wallets, as well as stocks.

10 Smart Places to Invest In Case the U.S. Defaults

The odds that the U.S. will default on its debt increase each day, and even if a short-term deal is reached, the ratings agencies may downgrade U.S. debt anyway. If that happens, turmoil could roil the markets. So where can the smart money flee for safety? 24/7 Wall St. offers 10 safe options.

Who Shouldn't U.S. Pay If Debt Deal Isn't Reached?

The debt ceiling debate is raging inside the Beltway, but many Americans are tuning it out. And among those paying attention, a majority would ignore the consequences and let the U.S. default. Find out who they'd chose to stiff first -- and tell us who you think the country shouldn't pay if it has to skip out on some of its obligations.

Debt Ceiling Debate: Do You Care -- and Should You?

The U.S. debt ceiling talks continue to stagnate in Washington, but the degree to which the rest of the country cares seems limited at best. The debate appears to be political theater, and The chatter on Wall Street reflects a "no big deal" attitude. Is there really reason to worry?

Social Security: Why Seniors Are Just Plain Angry

If Congress fails to raise the debt ceiling soon, come August, the White House warns that tens of millions of Social Security recipients may find their mailboxes empty when they go looking for their checks. Even though some describe it as a "fear tactic," protests by seniors and their advocates are getting much louder.

GS Deal Exposed; BofA Deal Nixed

Two surprises in the finance biz: A small group of bond investors has thrown a wrench into Bank of America's massive mortgage securities settlement, while the Fed revealed a secret $15 billion loan it made to Goldman Sachs in 2008. But in retail, there are no bad surprises on same-store sales so far.

The Financial Landscape: Geithner Gossip Groundless

Citing unnamed sources, news outlets reported Thursday evening that Treasury Secretary Timothy Geithner might leave the Obama administration soon. In response to the rumors, Geithner insisted, "I live for this work.... I'm going to be doing it for the foreseeable future."