Congress wants answers on why the IRS targeted conservative groups, two senior politicians tell CNBC.» Read More
President Barack Obama is calling on Republicans to back a Democrat plan that would offset the sequester, warning that otherwise "people will lose their jobs."
President Barack Obama will make a fresh push to force Republicans to make concessions that will head off budget cuts that appear to kick in starting on March 1.
North Korea has told its key ally, China, that it is prepared to stage one or even two more nuclear tests this year in an effort to force the U.S. into diplomatic talks, said a source with direct knowledge of the message.
President Obama laid out his plan to grow economy in Tuesday's State of the Union address. But at what cost? The National Taxpayers Union Foundation went through the speech in a line by line cost analysis.
The top Republican lawmaker vetting Jack Lew to serve as Treasury secretary zeroed on his work at Citigroup as a possible conflict of interest.
Bridge disputes in Congress on taxes and spending. Shrink budget deficits. Manage tense economic ties with China. Press Europe to reduce debts while fighting a recession. Defend the U.S. financial overhaul law. Prevent a global currency war. And those are just the obvious challenges.
President Obama will announce in his State of the Union address that 34,000 U.S. troops will be home from Afghanistan within a year.
President Obama is likely to give a nod to the fitful economic recovery in his State of the Union speech with Apple CEO Tim Cook in attendance. But analysts don't expect major statements on contentious issues like taxes and the budget.
The automatic government spending cuts are the best chance to ever reduce defense spending, former DNC chairman Howard Dean told CNBC.
Jack Lew, President Barack Obama's pick to be U.S. treasury secretary, is expected to come under fire for the administration's budget policies and a nearly $1 million bonus he received from bailed-out bank Citigroup when he testifies on Wednesday before a Senate panel vetting him for the job.
Automatic government spending cuts due to go into effect March 1 unless Congress acts. The effect of the reductions would slash non-defense programs by 9 percent across the board and defense programs by 13 percent, the White House said.
President Barack Obama told fellow Democrats on Thursday he is willing to agree to a "big deal" with Congress on spending cuts and tax reforms to end the fiscal uncertainty over the deficit.
Republicans on the Senate Armed Services Committee proposed a seven-month delay in looming automatic spending cuts that would be paid for by shrinking the federal workforce.
Senior White House officials met with chief executives from top defense contractors discuss the impact to their business of deep automatic federal spending cuts slated to take effect on March 1, White House spokesman Jay Carney told reporters.
A deficit reduction package to preserve short term economic growth by delaying the most aggressive measures would a no-go for the markets, the private sector and politicians, business leaders told CNBC on Wednesday.
The battle for the soul of the Republican party is getting nastier following the launch of a new effort by some wealthy donors to strike back at ideologically driven activists– including conservative billionaires – who have steered the party to the far right. The FT reports.
The Congressional Budget Office is predicting the budget deficit at $845 billion, dropping below $1 trillion for the first time in President Barack Obama's tenure in office.
White House officials say President Obama will ask Congress to come up with tens of billions of dollars in short-term spending cuts and tax revenue to put off the automatic budget cuts that are scheduled to kick in March 1.
President Barack Obama said on Sunday more tax revenue would be needed to reduce the U.S. deficit and signaled he would push hard to get rid of loopholes such as the "carried interest" tax break enjoyed by private equity and hedge fund managers.
U.S. corporate tax reform should be the top priority in the government's efforts to restore economic growth, FedEx Chairman and CEO Frederick Smith told CNBC.
Lois Lerner, the IRS official at the center of the alleged Tea Party targeting, has been placed on administrative leave.
House of Representatives on Thursday voted to switch federal student loan interest rates to a market-based system.
President Obama is giving a speech on counterterrorism in Washington, specifically addressing the use of drones, with CNBC's John Harwood.