With less than two weeks to go until the March 1 deadline for automatic budget cuts, the administration is issuing dire warnings about how crucial government services are about to wither. Many of the warnings may come true.
The top leaders in both parties on the House and Senate Agriculture committees have agreed to a one-year extension of the 2008 farm bill that expired in October, a move that could head off a possible doubling of milk prices next month.
The IRS warned that as many as 100 million taxpayers - far more than previously estimated - could face refund delays if law makers' "fiscal cliff" negotiations fail to fix the alternative minimum tax (AMT) before year-end.
With Black Friday just a few days away, shoppers across the nation are getting their wallets and pocketbooks ready to rumble. What many don't realize, though, is that the federal deduction on sales tax that was part of the shopping equation for them in previous years may disappear come January.
While millions of taxpayers fear the fiscal cliff, some big tax increases have already taken effect this year. And without Congress moving quickly to take action, those hikes could add thousands to your tax bill come next April.
It's still unclear what lawmakers will do to address $7 trillion in looming tax increases and spending cuts. If they do nothing by Dec. 31, here's what will happen.
Did you lose money on last month's Facebook IPO? How about on Groupon or Zynga? Perhaps something seemed a little off when you logged on to your brokerage account and either couldn't place an order or couldn't get confirmation that your order was placed? Congress couldn't care less.
JPMorgan Chase CEO Jamie Dimon had a much tougher reception Tuesday when he returned to Capitol Hill for a second round of questions over the bank's $2 billion trading loss.
Congressmen, lobbyists, and car salesmen have some of the worst reputations for honesty and ethics, as do business execs, stock brokers and real estate agents. And there's a reason why: The rules of their games are stacked against good behavior.
Thanks to yet another lapse by Congress, more than 20 million taxpayers may pay a tax in 2012 that was originally designed to hit only the ultra-rich. It may not happen -- but you should plan ahead for it in case it does.
Aware that most Americans would like to dump them all, members of Congress hope to regain some sense of trust by subjecting themselves to tougher penalties for insider trading and requiring they disclose stock transactions within 30 days.
Four times in five years, lawmakers have introduced the Stop Trading On Congressional Knowledge Act to bar senators and representatives from investing based on knowledge they gained in the course of their duties. Three times, the STOCK Act has died in committee. Will the fourth time be the charm?
Lawmakers have gotten in the habit of waiting until the last minute to extend many tax breaks, but last year, they ran out of time. Now, unless Congress acts soon, millions of Americans are face changes that could leave them sending thousands of dollars a year more to the IRS.
In a year saturated with big financial headlines, identifying the fiscal heroes and villains is bound to be an exercise in oversimplification. But DailyFinance is going to try: Herewith, we present our picks for the best and the worst of 2011.
Despite the din from the Occupy Wall Street crowd, not everybody dislikes financial institutions -- at least, not their own. A new poll shows a much higher approval rating for our banks than we give to the folks in Washington.