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Facing a GOP revolt, House Speaker John Boehner abruptly canceled a vote Thursday night on a plan to raise taxes for the wealthy, bringing the country closer to a plunge down the "fiscal cliff."
House Speaker John Boehner called off a vote on Thursday to raise taxes for wealthy Americans, bringing the country on the brink of going over the "fiscal cliff."
One in five of Americans earning less than $20,000 a year would see a tax hike of $1,070, since Boehner's bill would eliminate deductions for low earners.
Both sides have given up ground in "Cliff" negotiations, but the tactic of the Republicans to put forth a "Plan B" has suddenly thrown the whole deal into doubt.
Sales of existing homes beat expectations in November, with Realtors reporting a surprisingly modest effect in the Northeast from Superstorm Sandy. An even bigger surprise was a huge gain in activity among higher-end homes.
U.S. home resales rose sharply in November to their fastest pace in three years while a gauge of future U.S. economic activity fell in November and factory activity in the U.S. mid-Atlantic region accelerated.
Income-based premium hikes are likely part of any budget deal, and would eventually affect one in four retirees.
The U.S. economy grew at a faster pace that previously forecast in the third quarter, while weekly jobless claims rose slightly more than expected.
Japan's incoming Prime Minister Shinzo Abe is slated to take office next week, but the country's central bank, which concluded its two-day policy meeting on Thursday, already appears to be dancing to the leader's dovish tune, analysts told CNBC.
House Speaker John Boehner pressed his backup tax plan Wednesday despite a White House veto threat, saying it will be approved Thursday by the GOP-controlled House.
No matter what happens with the "Fiscal Cliff," every working American is likely to see a big pay cut after Jan. 1—and that could slow the economic recovery.
President Barack Obama and House Speaker John Boehner are close to a deal that could help the U.S. economy see a "real recovery", Silver Lake Partners Co-Founder Glenn Hutchins told CNBC.
Obama's offer to slow the growth of Social Security benefits would force fellow Democrats to abandon promises to shield the program from cuts as part of the fiscal cliff negotiations.
The daughter of a former military ruler took a commanding lead in South Korea's presidential election on Wednesday, putting her on track to become the country's first woman head of state.
General Motors will spend $5.5 billion to buy back 200 million shares from the federal government.
U.S. builders broke ground on fewer houses in November as super storm Sandy slowed building in the Northeast.
South African President Jacob Zuma has kicked off five days of discussions over the country's economy, including the possible introduction of a mining tax and greater state intervention in the sector.
Ratings firm Fitch warned on Wednesday there was an increased likelihood it would strip the U.S. of its triple-A status if Washington does not prevent $600 billion of spending cuts and tax hikes from kicking in early next year.
Former prime minister Silvio Berlusconi said on Tuesday Italy would be forced to leave the euro zone unless the European Central Bank gets more powers to ensure lower borrowing costs.
The World Bank raised its 2013 economic growth forecasts for China and developing East Asia on Wednesday, and said the region remained resilient despite the lackluster performance of the global economy.
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