The nonpartisan Congressional Budget Office ramped up its estimate for this year’s US budget deficit by 27% to almost $2 trillion, sounding a fresh alarm about an unprecedented trajectory for federal borrowing.
The US has revoked licenses allowing Huawei Technologies Co. to buy semiconductors from Qualcomm Inc. and Intel Corp., according to people familiar with the matter, further tightening export restrictions against the Chinese telecom equipment maker.
Lawmakers in the US House omitted further aid to Ukraine from a proposal that would keep the government open, signaling that support for funding its fight against the Russian invasion is getting harder.
A US government shutdown would have a cascading economic effect, beginning mildly and deepening over time as millions of workers go without salary, private contractors aren’t paid and consumer uncertainty grows over Washington’s dysfunction.
A fresh fiscal showdown is brewing in Washington that threatens to complicate the Federal Reserve’s policymaking and strengthen Fitch Ratings’ warning that self-inflicted wounds are tarnishing America’s standing in the global economy.
Debt limit talks in Washington have hit a fresh impasse with negotiators far apart on key issues, especially the spending cuts demanded by Republicans, as time runs short to avert a historic US default.
Treasury Secretary Janet Yellen warned that the US is already paying a price for its failure to raise the federal debt limit, as talks between the White House and lawmakers from both parties continued into a second week.
Speaker Kevin McCarthy’s plan to link spending cuts to an increase in the US debt limit would result in fewer teachers and more expensive college educations, the Biden administration warned...
The nonpartisan Congressional Budget Office warned that the federal government would be at risk of a payment default as soon as July if lawmakers fail to raise the debt limit.
President Joe Biden and House Speaker Kevin McCarthy followed similar, winding paths to find themselves back at a familiar point: staring out over the brink of a debt ceiling crisis.
Treasury Secretary Janet Yellen has declared that the US has hit its federal debt limit, kicking off an intense political battle that puts the global financial system at risk.
President Joe Biden’s decision to forgive some federal student debt will cost the US Treasury at least $400 billion, the Congressional Budget Office estimated.
President Joe Biden and Senate Majority Leader Chuck Schumer are the biggest winners now that a huge piece of Democrats’ economic agenda is hurtling toward enactment.
American families are feeling the financial squeeze of soaring inflation and a persistent pandemic as fractious Democrats return to Washington this week no closer to a deal on a tax and spending bill party leaders hoped would by now provide relief.
Congressional Democrats are at odds over both the tax and spending sides of a bill to enact the bulk of President Joe Biden’s economic agenda, putting in question the goal of party leaders to strike a deal by the end of the week.
Democrats hit a wall in their high-stakes effort to simultaneously avert a government shutdown, avoid a debt default and advance President Joe Biden’s $4 trillion agenda, as feuding gripped lawmakers and a looming economic catastrophe shook markets.
Senate Budget Committee Chairman Bernie Sanders is proposing to partially revive the federal deduction for state and local taxes in an draft outline of a budget resolution designed to fast-track much of President Joe Biden’s economic agenda.
