Lower Deficit Predictions May Hamper U.S. Budget Deal
The recovering economy is producing greater tax revenues, but an improving deficit picture also reflects the accumulating effects of prior rounds of spending cuts.
Deficit
Obama Renews Focus on Jobs, Economy with Texas Trip
President Barack Obama travels to Texas to put his focus back on job creation and economic growth after intensive attention to gun control legislation and immigration reform.
IMF Chief Criticizes 'Abrupt' U.S. Budget Cuts
IMF head Christine Lagarde criticized the U.S. government's budget policies as too tight Tuesday, in an appearance in Amsterdam that was interrupted by student protestors.
Strong Housing and Auto Sales Boost U.S. Economy, Fed Says
A strengthening housing recovery and robust auto sales contributed to moderate growth across the U.S. in late February and March, according to a Federal Reserve survey.
Obama's 'Charm Offensive' Yields No Budget Breakthrough
Obama's widely publicized recent string of meetings with rank-and-file lawmakers seemingly produces no breakthroughs -- though none were anticipated.
U.S. Budget Deficit Grows by $260 Million in December
The U.S. annual budget deficit is on track to reach $1 trillion for a fifth straight year, though government revenue jumped last month as people paid some taxes early to avoid higher rates in 2013.
Here's How Washington Is Likely to Trim Our Social Security Benefits
When Congress and President Obama make a budget deal to avoid the fiscal cliff, they're likely to use something called "chained CPI" to tweak how Social Security calculates cost of living adjustments. Here's a plain English explanation of what that means, and how it will effect your retirement.
Federal Deficit Tops $1 Trillion for Fourth Straight Year
The federal budget deficit has topped $1 trillion for a fourth straight year. But a modest improvement in economic growth helped narrow the gap by $207 billion compared with last year.
The $7 Trillion Issue Presidential Candidates Are Avoiding
Social Security has promises to pay out $41.4 trillion in future benefits, but it has just $34.5 trillion in assets and expected income to cover those promises. You do the math.
Obama Sends FY2013 Budget Proposals to Congress
President Barack Obama on Monday sent Congress a new budget that seeks to achieve $4 trillion in deficit reduction over the next decade while at the same time showering billions of dollars of increased spending on areas aimed at giving the economy a quick boost.
Postal Service Delivers the Bad News About Closures
In a last-ditch effort to save itself from bankruptcy, the Postal Service is forging ahead with plans to close half of its 500 mail processing centers and roughly 3,700 of its post offices. The result: Deliveries will take longer.
Junk Mailers Get a Break on Postage. You Don't.
Postmaster General Patrick Donahoe has announced his latest initiative to save the post office from bankruptcy. (Hint: Improving customer service isn't a part of it.) His master plan: Hike the cost of mailing a letter for real people, and cut prices for junk mail.
Would You Do Your Banking at the Post Office?
Could your bank teller could go postal? Offering basic consumer banking services in the form of prepaid debit cards is just one of many ideas the U.S. Post Office is considering to boost its bottom line. And even with stamp costs going up to 45 cents, the USPS is in dire need of outside-the-box solutions to its budget woes.
Obama Wants to Raise Taxes on the Rich
President Barack Obama called for $1.5 trillion in new taxes Monday, part of a total 10-year deficit reduction package totaling more than $3 trillion. "We can't just cut our way out of this hole," the president said.
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.