The U.S. government posted a $36.32 billion budget deficit in July, a 9.5 percent increase from the deficit of $33.16 billion recorded a year earlier in July 2006, the Treasury Department said on Friday.
After a first quarter swoon, business is more upbeat about the current quarter and the rest of the year--especially when it comes to hiring, profits and productivity, the latest survey by the National Association for Business Economics shows.
Many lawmakers, along with advocates for low-wage workers, are celebrating the first increase in the federal minimum wage in a decade. Yet many acknowledge that raising it from $5.15 an hour to $5.85 will provide only meager help for some of the lowest paid workers.
As he struggles with record-low approval ratings and criticism over the Iraq war, Bush was eager to tout what he viewed as a success for his domestic record and credited his tax cuts with reducing the budget gap.
Congress gave final approval to a $2.9 trillion budget plan that promises big spending increases for education and health care and a federal surplus in five years.
Democrats controlling Congress presented a $2.9 trillion budget blueprint, ensuring a confrontation with President Bush over spending boosts for education and other domestic programs.
New York Senator and presidential candidate Hillary Clinton told CNBC that this week's market turmoil "should be a real wake-up call for our country" on its foreign debt and fiscal policy.
Chalk it up to the new centrism -- or perhaps it's because some issues are so irksome, Republicans and Democrats must agree that a solution is needed. Whatever the case, two House members joined "Power Lunch" to sound the alarm over the alternative minimum tax (AMT) -- and the 20-month deadline to fix it.
President Bush unveiled a $2.9 trillion spending plan that devotes billions more to fighting the war in Iraq but pinches pennies on programs promised to voters by Democrats now running Congress.
President George W. Bush sent his $2.9 trillion budget to Congress this morning, kicking off widespread debate in both the House and Senate. This is the first time during his presidency that Bush has delivered a budget to a Democrat-controlled Congress. Considering Democrats have made it clear that they have a different set of priorities, what kinds of challenges lie ahead?
The Democrats are back in power in Congress--but does that mean they have the confidence of the American people to lead? And are they better for business? It appears so according to a new WSJ/NBC poll. CNBC's John Harwood explained the numbers before a discussion on just why the Dems might be able to sing "Happy Days Are Here Again."
President Bush will give the State of The Union speech next Tuesday night to both Houses of Congress--and the American people--and he does at at time when he has one of the lowest approval ratings of his presidency. So--what can he say at such a time? CNBC's John Harwood appeared on "Squawk Box" to give his preview of the speech--and he was joined in commentary with former GE CEO Jack Welch...
This afternoon--Congress is mulling over how to proceed, after Fed Chairman Ben Bernanke warned that the U.S. economy could be gravely hurt if Social Security and Medicare aren’t revamped. In his testimony before the Senate Budget Committee, Bernanke also said that economic growth alone is unlikely to solve the nation's impending fiscal problems.
Federal Reserve Chairman Ben Bernanke will address a changed U.S. Congress tomorrow. Should President Bush’s man in the Fed alter his modus operandi in tune with a Democratic-controlled legislature? Mark Weisbrot, co-director of the Center for Economic and Policy Research, says the answer is yes.
President Bush addresses the nation tonight at 9 pm to explain his new plan for Iraq, which includes a surge in the number of Americans on the ground. Key Democrats including Ted Kennedy fiercely oppose the Bush plan and are threatening action. On today’s "Power Lunch" CNBC’s Bill Griffeth examined whether this is the end of bi-partisan cooperation we’ve been hearing so much about – and if a huge power clash between the Democrats and the GOP is about to get underway.
The U.S. economy is poised for moderate growth and lower inflation, but there is no guarantee core inflation will continue to ease, Federal Reserve Vice Chairman Donald Kohn said.
As we've noted before--the U.S. housing market had its up and down in 2006. But when it comes to REITs (real estate investment trusts)--they did incredibly well--up on average of 35% for 2006. As we've been asking the question in other economic areas today--we ask if that kind of return will continue for REITs in 2007? Most say yes. John Wenker is portfolio manager for First American Real Estate and Michael Grupe is Executive VP of Research at NAREIT.
Funeral services for former President Gerald Ford are underway. His coffin is at the U.S. Capitol--shortly to be moved to Washington DC's National Cathedral. From there--it will be flown to Grand Rapids, Michigan for burial. CNBC's Hampton Pearson is reporting live through the day. He said that some 30,000 people have passed by the casket in the last two days.
We told you earlier about the U.S. economic reports out today. And it seems inflation is back or at least it looks that way according to the latest wholesale numbers. November's overall PPI rose to a 32 year high. But looking back at last week--the data suggested consumer inflation was tame. So--can the government's data really be trusted? Is inflation a risk or not? CNBC’s Liz Claman asked two of the nation’s most celebrated economists.
In an exclusive interview on cnbc.com’s home page, the "optimistic" forecaster talks to CNBC’s Joe Kernen about tax hikes – and other acts he says cause recessions.