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
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.
Why has Britain managed to boldly go into fiscal territory which the US has hitherto ducked? That is the $800 billion question hanging in the air in New York this weekend, after George Osborne, chancellor, visited the city. The FT reports.
Rep. Barney Frank, chairman of the Financial Services Committee, told CNBC that the tax bill signed into law Friday by President Obama make a “mockery of all this deficit concern.”
The fight over collecting online sales tax is an ongoing issue that is especially heated this holiday season as online retail sales hit new records—and taxes goes uncollected.
Steve Rattner, the veteran investor and co-founder of the private equity firm Quadrangle Group who led the administration's effort to restructure the auto industry, says insider trading charges help clean up bad apples from Wall Street.
The tax compromise brokered by President Obama with Republican congressional leaders will boost economic activity, adding ½ to 1 percent to the GDP, Steven Schwarzman, chairman and CEO of private equity firm Blackstone Group told CNBC Thursday.
Rep. Ron Paul, (R-Texas), who will head a subcommittee overseeing the Federal Reserve in the new Congress, called central bank a “cartel” and said it has “monopoly control” over the US dollar.
Two powerful lame-duck senators, who both support the tax bill compromise set for a Senate vote Monday, told CNBC Monday, that reducing the deficit will come after the economy is gets moving forward.
Less than a week after his bipartisan deficit commission offered a package of tough tax hikes and spending cuts to stem the flood of government red ink, the president and Republicans presented a tax plan that would add a whopping $900 billion to the nation's debt over two years.
Rep. Paul Ryan (R-Wisc.), the incoming chairman of the House Budget Committee, told CNBC Wednesday that he would push for permanent lower tax rates, "real" spending cuts and entitlement reforms when Republicans take control of the House in January.
Economist Nouriel Roubini on Wednesday voiced concern over a compromise on extending tax cuts struck by US President Barack Obama and Republican leaders, saying the agreement could expose the US to bond vigilantes who will drive up the price of yields
The best that can be said about this potential compromise is that the US avoided disaster by averting a massive tax hike during a weak economic recovery.
Interest rates are flat, TARP pays for itself and the Euro holds steady.
Economic growth will be subpar, the jobless rate drifts lower, deflation remains a concern, deficit reduction goes nowhere and heads roll in Washington.
Deficit commission member and chairman and CEO of Honeywell International, Dave Cote, voiced his support for the panel’s fiscal austerity plan in a CNBC interview Wednesday.
America's "Number 1 domestic problem," the federal deficit, took center stage on Wednesday morning as President Obama's bipartisan deficit commission released its findings. Some members of the 18-member bipartisan deficit commission, appearing on CNBC Wednesday, weighed in with their thoughts. To read the full report,
As Congress considers new ways to cut spending, here's one idea health advocates are pushing: prevent people on food stamps from using benefits to buy sweetened sodas.
Trimming the federal budget deficit ultimately means tough choices. And to get an idea just how tough, we printed out the entire federal budget—43,000 pages in all. It stands 16 feet tall. Cutting it down to size will be an enormous task.
A commission to balance the US budget will deliver its final deficit-cutting plan on Wednesday but delay a vote until Friday, reflecting sharp divisions within the bi-partisan panel.