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Federal Budget (U.S.)

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  • Consumers Cut Spending For First Time in Two Years Friday, 31 Oct 2008 | 8:48 AM ET

    U.S. consumers cut their monthly spending for the first time in two years during September, evidently bracing for hard times as jobs continue to disappear and credit conditions tighten.

  • Bank Borrowing From Federal Reserve Fell Last Week Thursday, 30 Oct 2008 | 4:40 PM ET

    U.S. banks' direct borrowing from the Federal Reserve fell last week, although it remained at very high levels even as the U.S. central bank made its first foray into the commercial lending markets, Fed data showed

  • US Economy Is 'Deeply Worrisome': Fed's Yellen Thursday, 30 Oct 2008 | 4:22 PM ET
    Janet L. Yellen

    Recent trends in the U.S. economy are "deeply worrisome" at a time damage from the credit crunch has outpaced the Federal Reserve's huge interest rate cuts, a top Fed policy-maker said Thursday.

  • Pimco's Gross: Rates To Hold Steady Or Decline More Wednesday, 29 Oct 2008 | 5:02 PM ET

    As the Federal Reserve slashed a key interest rate by 50 basis points on Wednesday, Pimco's Bill Gross said he expects rates to hold or decline to 1 percent.

  • Text: FOMC Statement Wednesday, 29 Oct 2008 | 2:19 PM ET
    The Federal Reserve headquarters in Washington, DC.

    Below is the statement released by the Federal Open Market Committee after its Oct. 28-29 meeting on interest rate policy:

  • Do We Need a Rate Cut? Former Fed Officials Weigh In Wednesday, 29 Oct 2008 | 11:33 AM ET

    The Federal Reserve will unveil its decision on interest rates Wednesday afternoon, and a cut is widely expected by investors. CNBC asked former Federal Reserve officials to weigh in on the upcoming decision.

  • Greenspan, Others Face Grilling Over Financial Crisis Thursday, 23 Oct 2008 | 4:30 AM ET
    On his last day as chairman of the Board of Governors of the Federal Reserve System, Alan Greenspan smiles as he presides over his final Federal Open Market Committee meeting at the the Fed's headquarters in Washington, Tuesday, Jan. 31, 2006. He is speaking to Deborah J. Danker, at left, special assistant to the board, with Vice Chairman Roger W. Ferguson Jr., at right. Greenspan has held the post for more than 18 years and is widely viewed as the most successful chairman in the Fed's 92-year h

    Lawmakers have called key players from the past and present to congressional hearings in an effort to find out what caused the biggest financial crisis since the 1930s and determine how the government plans to get the nation out of the mess.

  • If Recession Is Now Here, Just How Bad Can It Get? Wednesday, 22 Oct 2008 | 1:46 PM ET

    The big debate now is how deep and how long the recession will be. The short answer is bad enough and probably the worst in 25 years.

  • Layoffs Keep Growing: Merck, Yahoo Slash Jobs Wednesday, 22 Oct 2008 | 11:39 AM ET

    The cruel earnings season for the American worker intensified Wednesday as more companies announced layoffs.

  • Recession Will Last At Least Two Years: Roubini Wednesday, 22 Oct 2008 | 11:09 AM ET

    The US economy is entering a two-year recession that will be longer and deeper than previously feared, said Nouriel Roubini, a well-known economist and professor at New York University.

  • New Life for Stimulus Bill, But What Would Be In It? Tuesday, 21 Oct 2008 | 11:46 AM ET

    Democrats in Congress say any new economic stimulus bill would probably include road and bridge construction, help for state budgets and maybe new tax rebates.

  • Fed May Tap $540 Billion To Help Out Money Funds Tuesday, 21 Oct 2008 | 10:46 AM ET
    Financial Crisis

    The Fed could lend up to $540 billion in a new facility aimed at restoring liquidity for money market funds,  Fed officials said.

  • Housing Bailout Will Be Next on Agenda Monday, 20 Oct 2008 | 2:24 PM ET

    Economists say the best bang for the buck will come from helping housing,  not another tax cut or extended unemployment benefits.

  • NY & NJ Governors See Tough Times Ahead Monday, 20 Oct 2008 | 10:32 AM ET

    New York Governor David Patterson and New Jersey Governor Jon Corzine sounded off on the economy, Wall Street and regulation on Monday.

  • Fears Of Global Recession Continue to Rattle Markets Thursday, 16 Oct 2008 | 3:27 PM ET
    Global Markets

    Investors continued to be rattled by worries that the prolonged credit crisis has already pushed the global economy into a recession.

  • US Economy Continues To Give Off Mixed Signals Thursday, 16 Oct 2008 | 10:17 AM ET

    The latest inflation and jobs data were somewhat better than expected, but the industrial sector showed continued weakness.

  • Paulson: Immediate Lending Guarantee Starts Now Wednesday, 15 Oct 2008 | 8:43 PM ET

    Treasury Secretary Henry Paulson said the U.S. government's banking rescue plan is designed to spur private investment in financial institutions, and told CNBC that the FDIC interbank lending guarantee that's part of the plan will kick in immediately.

  • Beige Book: Full Text Wednesday, 15 Oct 2008 | 2:01 PM ET

    The following is the full text of the Beige Book released by the Federal Reserve on October 15, 2008 and based on information collected on or before October 6, 2008:

  • Credit Continues to Thaw, But Recession Jitters Grow Wednesday, 15 Oct 2008 | 1:22 PM ET

    Global credit markets continued to show signs of thawing, but worries about a world-wide recession loomed over markets.

  • Krugman: Revised Rescue Plan 'Looks Much Better' Tuesday, 14 Oct 2008 | 11:13 AM ET

    Paul Krugman, Princeton University professor and winner of the 2008 Nobel Prize for Economics, told CNBC that the new rescue plan, which will inject $250 billion into U.S. banks, “looks much better.”

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