The United States has a jobs problem and there's not a lot President Barack Obama or Federal Reserve Chairman Ben Bernanke can do about it.
Just hours ahead of a deadline to avert an unprecedented default, President Barack Obama, without public ceremony, signs a bill that raises the $14.3 trillion debt ceiling and sets in motion a plan to reduce U.S. deficits over 10 years.
Just hours ahead of a deadline to avert an unprecedented U.S. default, Congress approves a bill that raises the $14.3 trillion debt ceiling and sets in motion a plan to reduce U.S. deficits over 10 years.
Congress buried the specter of a U.S. debt default by finally passing a deficit-cutting package on Tuesday, but uncertainties lingered over a possible painful downgrade of the top-notch American credit rating. President Barack Obama welcomed as "an important first step" the hard-won deficit-cutting compromise to lift the government's $14.3 trillion debt ceiling after it was approved by the U.S. Senate with a vote of 74 to 26.
Congress buried the specter of a U.S. debt default by finally passing a deficit-cutting package on Tuesday, but uncertainties lingered over a possible painful downgrade of the top-notch American credit rating.
Here is a rundown of the final actions in Congress on Tuesday as lawmakers try to rush to the White House a deficit reduction deal that also will raise the $14.3 trillion limit on U.S. government borrowing.
Consumer spending dropped in June for the first time in nearly two years and incomes barely rose, signs the economy lacked momentum as the second quarter drew to a close.
Consumer spending dropped in June for the first time in nearly two years and incomes barely rose, signs the economy lacked momentum as the second quarter drew to a close.
Congress was poised on Tuesday to grant final approval to a deficit-cutting package that will avert a debt default but may not be enough to prevent a damaging downgrade of the top-notch American credit rating.
Congress was poised on Tuesday to grant final approval to a deficit-cutting package that will avert a debt default but may not be enough to prevent a damaging downgrade of the top-notch American credit rating.
Consumer spending dropped in June for the first time in nearly two years and incomes barely rose, signs the economy lacked momentum as the second quarter drew to a close.
Congress was poised on Tuesday to grant final approval to a deficit-cutting package that will avert a debt default but may not be enough to prevent a damaging downgrade of the top-notch American credit rating.
Treasury Secretary Timothy Geithner said he is not sure whether the bitterly fought debt agreement to be considered Tuesday by the Senate will avoid a downgrade of the U.S. top-tier credit rating.
Consumer spending dropped in June for the first time in nearly two years and incomes barely rose, signs the economy lacked momentum as the second quarter drew to a close.
If the impasse over the U.S. debt limit isn't broken soon, President Barack Obama will be forced to decide how he will manage the crisis.
Republicans and Democrats rushed to rework rival deficit reduction plans on Wednesday, but with the fate of both proposals heavily in doubt top lawmakers pursued a behind-the-scenes compromise to avert a crippling U.S. default.
