WASHINGTON, D.C. — Just as the U.S. economy is making progress despite Europe’s turmoil, here come two new threats. A congressional panel is supposed to agree by Thanksgiving on a deficit-reduction package of at least $1.2 trillion. If it fails, federal spending would automatically be cut by that amount starting in 2013. Congress may also […]
ALBANY — New York budget officials are projecting a $350 million deficit in this year’s general fund, followed by a deficit ranging from $3 billion to $3.5 billion next year. In the midyear update released Monday, the Division of the Budget cites weak economic conditions around the world, volatility in financial markets and persistently disappointing […]
WASHINGTON — The House began debate Monday on the hard-bargained plan to avert a national financial default, even as the White House and congressional leaders struggled to round up enough votes to approve it. Here is an explanation, in questions and answers ...
WASHINGTON — The International Monetary Fund urged U.S. lawmakers Wednesday to raise the nation's borrowing limit. It warned that inaction could lead to a spike in interest rates that would harm the U.S. economy and world financial markets.
WASHINGTON, D.C. — President Barack Obama, risking liberal anger and Republican scorn, is turning his attention to the nation's crushing debt with an anti-deficit framework that tackles politically sensitive health care programs while also increasing taxes.
WASHINGTON, D.C. — President Barack Obama this week will outline a broad plan to reduce the nation's deficit, shifting from immediate budget concerns to the debate over the nation's long-term economic health. Obama is expected to call for cuts to Medicare and Medicaid and tax hikes for the wealthy.
ALBANY — Gov. Andrew Cuomo on Tuesday did what no New York governor has tried in 15 years: He unveiled a budget plan that calls for an overall reduction in spending and up to 9,800 layoffs as the state tries to get out from under crippling deficits.
WASHINGTON, D.C. — President Barack Obama announced a pay freeze for 2 million federal employees Monday and warned the American public that the move is the first of many difficult decisions that must be made to slash the nation's mounting deficits.
ALBANY — New York's hard times just got harder. The administration of Gov. David Paterson on Thursday said closing the latest deficit may require cuts of perhaps 1 percent in every area including a midyear cut in school aid.
WASHINGTON, D.C. (AP) — China reduced its holdings of U.S. Treasury debt in May as total foreign holdings of government debt posted a slight increase.
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