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Federal Budget (U.S.)

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  • Surge in Job Cuts Fuels Worries About Recession Friday, 7 Mar 2008 | 8:33 AM ET
    Unemployment Line

    U.S. employers cut payrolls for a second straight month during February, slashing 63,000 jobs for the biggest monthly job decline in nearly five years.

  • Fed's Fisher: No Need for Emergency Rate Cut Friday, 7 Mar 2008 | 7:35 AM ET
    The Federal Reserve headquarters in Washington, DC.

    The U.S. Federal Reserve took very "deliberate action" when it lowered key interest rates rapidly but this does not necessarily mean more of the same is in store, a top Fed official said on Friday.

  • Jobs Report Likely to Reveal Downward Trend Friday, 7 Mar 2008 | 6:32 AM ET

    Today's jobs report is unlikely to offer a ray of hope amid the gloom over the US economy  as the trend for a weakening jobs market is expected to become clearer, analysts said.

  • As Dollar Tumbles, Should Fed Stop Cutting Rates? Thursday, 6 Mar 2008 | 12:55 PM ET

    The Fed is cutting rates to bolster the economy and keep the credit crunch from getting worse. But in the process, the central bank is creating other problems--including higher inflation

  • Jobless Claims Fell Last Week But Remain High Thursday, 6 Mar 2008 | 10:16 AM ET

    Fewer workers applied for unemployment benefits last week, but the number remaining on jobless aid stood at the highest level in nearly two and a half years.

  • Foreclosures Hit a Record; Pending Home Sales Steady Thursday, 6 Mar 2008 | 10:08 AM ET

    U.S. home foreclosures and the rate of homes entering the foreclosure process rose to record highs in the fourth quarter. Pending sales of previously owned homes were unchanged in January.

  • Fed Must Act to Stem Crisis, Pianalto Says Wednesday, 5 Mar 2008 | 8:39 PM ET
    Federal Reserve

    The global credit crisis creates big downside risks to an already softening economy that require bold action from the U.S. central bank, Cleveland Federal Reserve President Sandra Pianalto said on Wednesday.

  • Beige Book: Economy Broadly Slower in Early 2008 Wednesday, 5 Mar 2008 | 2:16 PM ET

    Federal Reserve districts all saw decelerating economic growth in early 2008, even as prices pressed upward almost everywhere, the central bank's "Beige Book" report on economic conditions said on Wednesday.

  • TEXT: Beige Book Wednesday, 5 Mar 2008 | 2:09 PM ET

    The full text of the Beige Book released by the Federal Reserve on March 5, 2008 and based on information collected on or before February 25, 2008.

  • TEXT: Bernanke's Speech Tuesday, 4 Mar 2008 | 9:19 AM ET

    The text of a speech by Federal Reserve Chairman Ben Bernanke on Reducing Preventable Mortgage Foreclosures given on March 4, 2008 in Orlando, Florida.

  • The combined punch of subprime mortgage defaults and heavy debt remains the biggest risk to the health of the U.S. economy, a panel of business economists said Monday.

  • Paulson Slams Mortgage Relief Plans Friday, 29 Feb 2008 | 1:45 PM ET
    United States Treasury Secretary Henry Paulson

    Plans for sweeping federal programs that would aid troubled mortgage borrowers would bring unfair relief to speculators and reward investors who made bad bets, U.S. Treasury Secretary Henry Paulson said Thursday.

  • Chances of Aggressive Fed Cut in March Jump Friday, 29 Feb 2008 | 8:23 AM ET

    The chance of an aggressive 75 basis points cut in the Federal Reserve's benchmark interest rate shot up to 62 percent on Friday, as U.S. equity futures pointed to a lower open and Treasury prices surged.

  • California Suburb Vallejo Faces Bankruptcy Thursday, 28 Feb 2008 | 11:37 AM ET

    A Bay Area suburb grappling with declining revenue and ballooning employee expenses may become the first city in the state to declare bankruptcy.

  • Bush Voices Concern About Slowing US Economy Thursday, 28 Feb 2008 | 11:07 AM ET
    President Bush speaks during a news conference, Thursday, Sept. 20, 2007, in the press briefing room at the White House in Washington. (AP Photo/Ron Edmonds)

    The U.S. economy is in a slowdown but not headed into a recession, President Bush said Thursday after new data showed slow fourth-quarter growth and a bigger-than-expected jump in unemployment claims.

  • US Distressed Debt Level Highest Since 2003: S&P Thursday, 28 Feb 2008 | 10:58 AM ET

    The portion of U.S. junk bonds trading at distressed levels rose to 16.9 percent in February, up from 11.1 percent in January in a sign that defaults are headed higher, Standard & Poor's said on Wednesday.

  • Mortgage Applications Fall to Lowest Level This Year Wednesday, 27 Feb 2008 | 11:25 AM ET

    Applications for U.S. home mortgages plunged to their lowest level this year, as rising long-term interest rates curbed incentives to refinance, an industry group's data showed on Wednesday.

  • Durable Goods Suffer Deeper Drop Than Expected Wednesday, 27 Feb 2008 | 11:18 AM ET

    New orders for long-lasting US-made manufactured goods fell by 5.3 percent in January, the biggest drop in five months and more than analysts expected.

  • Two Fed Governors Divided Over Inflation Threat Wednesday, 27 Feb 2008 | 11:00 AM ET
    Donald Kohn

    How serious is the risk of inflation? It depends on which Fed governor you ask.

  • TEXT: Bernanke's Testimony Wednesday, 27 Feb 2008 | 10:10 AM ET
    Federal Reserve Chairman Ben Bernanke.

    The text of Federal Reserve Chairman Ben Bernanke's testimony to the House Financial Services Committee on Febuary 27, 2008.