WASHINGTON, Aug 27- The U.S. budget deficit for fiscal year 2014 will be an estimated $506 billion, a slight increase from the $492 billion projected in April, based on lower-than-expected corporate tax receipts, the Congressional Budget Office said on Wednesday.» Read More
President Barack Obama says he's willing to work with Republicans to make changes to entitlement programs, like Social Security and Medicare, that threaten the nation's fiscal health
Neither US political party is willing to make the choices needed to bring down the crippling US budget deficits, economist Nouriel Roubini told CNBC.
President Obama's budget proposal resurrects a series of tax increases that were largely ignored by Congress when Democrats controled both chambers. Republicans, who now control the House, are likely to be even less receptive.
The trade deficit widened in December, closing out a year in which America's trade gap ballooned by the largest amount in a decade.
A new report says state tax revenues increased in the final three months of last year as the improving economy boosted income and sales taxes receipts.
Those of us who advocate for wholesale income tax reform understand the quixotic nature of the fight. Our federal individual income tax system is so chock full of special beneficiaries that any action aligns an array of constituencies far too politically sympathetic to defeat.
New Jersey Gov. Chris Christie will propose a further cut in the state's corporate tax rate during his budget address in February, the governor told CNBC Wednesday.
New budget estimates released Wednesday predict the government's deficit will hit almost $1.5 trillion this year, a new record.
Collectively, states have budget deficits of more than $130 billion, unfunded pension and healthcare plans of more than $1 trillion and billions of dollars of unpaid bills to public schools and universities, hospitals and social welfare programs...States are in crisis and floundering to find a solution.
The economy has improved in the last six months, signaled by greater consumer spending, durables purchases and some signs of increased investment, Daniel K. Tarullo, Federal Reserve governor, told CNBC Friday, echoing what his boss, Chairman Ben Bernanke said on Thursday.
Taking issue with FDIC Chairman Sheila Bair, the new Republican head of the House Financial Services Committee told CNBC Thursday that the Dodd-Frank financial overhaul law actually creates more uncertainty—not less.
The Illinois House of Representatives passed a bill that raises the state income tax from a maximum rate of 3% to 5%. They also raised the corporate income tax...As painful as they are, we are in the position of having no choice and yet, these tax increases will not raise the expected amounts.
The federal budget deficit narrowed slightly in December compared to a year ago, but the deficit for the entire year is still on pace to exceed $1 trillion.
The US stands to lost its coveted top credit rating unless Washington policymakers make good on promises to get the nation's financial house in order, Pimco's Bill Gross told CNBC.
Obama is expected to resist some Republicans demands such as canceling unspent stimulus funds, rolling back government spending levels and cutting new financial rules. But the White House does intend to demonstrate its commitment to cut spending.
Take your newfound income – that 3.5% of every thousand dollars over whatever level of income you need, and put it immediately and directly into the economy by donating it to charities that assist others with acute needs.
With anemic property tax revenues and forecasts of more dire financial times ahead, some experts and elected leaders fear that more localities may have to at least consider bankruptcy. The New York Times reports.
Three key players, President Obama, Rep. Paul Ryan, and Sen. Kent Conrad, each have the responsibility of presenting a budget early next year. If these three men decide not to turn back, the era of deficit denial will indeed be over.
The president celebrated a bipartisan "season of progress' on Thursday at a year-end news conference a few hours after the Senate ratified an arms control treaty with Russia.
The newly elected Congress needs to “get to work” to solve some of the country’s biggest problems or the American people will throw them out in two years, GOP Sen.-Elect Rob Portman of Ohio told CNBC Wednesday.