*France has until 2015 to bring its deficit to 3 pct of GDP. PARIS, July 22- France will not accelerate cuts in public spending even though disappointing growth could make it difficult to meet EU fiscal targets, President Francois Hollande said.» Read More
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.
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.