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U.S. Treasury Secretary Henry Paulson said the number of potential U.S. home-loan defaults "will be significantly bigger" in 2008 than in 2007, the Wall Street Journal's online edition reported.
The mood among consumers hit the skids in November as gasoline prices soared and the housing slump worsened.
The Federal Reserve is expecting slower growth and lower inflation next year. But minutes from the Fed's October meeting show policymarkers were reluctant to cut interest rates further.
A U.S. Treasury report on ways to cut corporate taxes will include discussion of a national sales tax, a senior Treasury official told CNBC.
The Fed and financial markets remain at odds over where the economy and interest rates are heading, and fresh Fed forecasts to be released Tuesday are unlikely to bridge that gap.
The painful collapse of the housing market along with the credit crunch will weigh down economic growth in the final three months of this year and cause economic activity to lag in 2008.
Two top Federal Reserve officials on Friday suggested the U.S. economy is unlikely to need lower borrowing costs even as it navigates a possibly rocky stretch in the economy.
A top Federal Reserve official said it would take sharper than expected slowdown in growth to change the Fed's monetary policy stance in a Dow Jones interview released on Friday, casting doubt on market expectations for more interest rate cuts.
The mortgage crisis could have a "dramatic" impact on the economy by forcing banks and other financial firms to cut lending up to $2 trillion, a Goldman economist said.
U.S. Treasury Secretary Henry Paulson said on Friday Washington was following a strong dollar policy and indicated he expected it to rebound, emphasising the U.S. economy's long-term strength should help the currency.
The prepared speech given by Federal Reserve Chairman Ben Bernanke on Federal Reserve communications at the Cato Institute 25th Annual Monetary Conference in Washington, D.C. on November 14, 2007.
Federal Reserve Bank of Dallas President Richard Fisher said on Wednesday a decision on interest rates at the central bank's December meeting would depend on coming data, but emphasised that the economic risks were not all on the downside.
The good news is that inflation is less of a worry. The bad news is that economic growth is more of one. The change in perception comes as investors prepare for key inflation data this week.
Optimism about the U.S. economy among small businesses soured last month as a Federal Reserve interest cut intended to aid the economy instead triggered cutbacks in spending and hiring, a survey released on Tuesday showed.
Ben Bernanke’s latest assessment of the economy shows the Fed’s job of balancing inflation with a slowing economy is more difficult than ever, leaving policymakers undecided on further rate cuts.
Fed Chairman Ben Bernanke said the U.S. economy faces risks in both growth and inflation, suggesting the Fed will holding off deciding on further rate cuts.
The dollar dropped to record lows versus the euro Wednesday after comments by a Chinese official stoked fears the central bank of the world's fourth largest economy would reduce its holdings of U.S. assets.
James Owens, the chief executive of Dow component Caterpillar, sees a soft landing in store for the U.S. economy.
The dollar fell to all-time lows against the euro and a basket of major currencies Tuesday as investors feared the fallout from the credit turmoil was far from over and the Fed will have to cut interest rates some more.
Billionaire investor George Soros forecast on Monday that the U.S. economy is "on the verge of a very serious economic correction" after decades of overspending.