NationalDebt

The U.S. is again closing in on its debt limit, and if a recent statement by Republican Speaker of the House 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.

Today's economy is especially rough for the young members of Generation Y. And it's hard not feel sympathetic for them ... until you hear this alarming tidbit: Gen Y believes that success comes through luck. Yes, luck, not hard work.

As April 17 approaches, politicians and pundits of all stripes are taking potshots at the usual tax-debate villains. But there's never much talk about exactly how are our tax dollars are really spent.

Almost everyone agrees the federal deficit is a ticking bomb, but when it comes to ideas for solving the problem, some are contradictory and all are controversial. No wonder: If you look at where the money actually goes, it's easy to see why it's so hard to balance the budget.

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.

It's true that the U.S. has racked up the largest debt of any 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. Here's what you need to know to make sense of all the numbers.

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?

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.

Think you can do better than Congress in coming up with a balanced U.S. budget? Several smartphone apps let you play along with all the fiscal fun happening in Washington. Raise taxes on market speculators? Cut spending on social services? You decide, and these apps will show you the results.

Is there a value-added tax, or VAT, in our near future? According to a story by Shawn Tully in Fortune, this new tax scheme is not only possible, but perhaps inevitable, given the danger to the U.S. economy posed by our enormous and growing national debt. The article cites a recent sobering report...