When some new members of Congress recently said they oppose raising the U.S. debt limit, it triggered warnings of "catastrophic consequences." Indeed, the result wouldn't be pretty. But here's what's at stake as the country's debt burden swells every year.
U.S. Treasury Secretary Timothy Geithner was hospitalized Friday to undergo surgery for kidney stones, according to a MarketWatch report. Geithner, who was admitted into George Washington University hospital this morning, is expected to undergo surgery later today.
On the eve of an economic summit in South Korea, disturbing signs of discord are emerging over currency valuations and trade between the U.S. and its major trading partners. Failure to achieve an agreement could set off more "currency wars."
General Motors is giving some 600,000 employees, retirees and dealers the chance to purchase stock in the resurgent company as the auto giant moves forward with its initial public offering, slated for next month.
Investors take note: Despite the calls for order, national policymakers are dealing with an increasingly haphazard scenario loaded with counterproductive results and unintended consequences. The result could be a slide toward protectionism.
International banking regulations agreed upon in Basel, Switzerland, last week will reduce the probability of a future financial meltdown, U.S. Treasury Secretary Timothy Geithner said before the House Financial Services Committee today.
The Chinese yuan hit a post-revaluation high against the dollar Monday after the People's Bank of China set the yuan's reference rate for trading at its highest level since the central bank began publishing the daily fix in 1994. The yuan can rise or fall 0.5% each day from the reference point.
The Obama administration acknowledged Tuesday that major changes must be made to the two mortgage giants being kept afloat thanks to taxpayer billions, but it sees continued government support. Is that a good idea?
It finally happened: The nation's Social Security system will pay out more than it takes in this year and next, as aging baby boomers enter retirement. On the plus side, health-care reform should keep Medicare solvent for an extra 12 years.
During a speech Monday, U.S. Treasury Secretary Timothy Geithner pledged a speedy implementation of the financial system overhaul. One of the first tasks on the list? Simplifying all the paperwork.
The future of the government-backed mortgage finance giants Fannie Mae and Freddie Mac, which critics have accused of exacerbating the meltdown in the U.S. housing market, will be discussed next month at a conference sponsored by the U.S. Department of Treasury.
Speaking on two TV programs Sunday, Geithner said letting the tax cuts for those making $250,000 a year or more expire would demonstrate the country's commitment to controlling the deficit.
After more than a year of wrangling by Congress to craft legislation, President Obama signed the Wall Street and Consumer Protection Act into law Wednesday. The new regulations are the most sweeping reforms to hit the financial industry in more than half a century.
