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U.S. consumer sentiment slumped as Americans were rattled by on-going negotiations to avert the tax hikes and spending cuts set to come into effect in the new year, data showed on Friday.
House Democratic Whip Steny Hoyer told CNBC on Friday that Speaker John Boehner has to realize that he can't pursue partisan solutions.
U.S. consumer spending rose in November by the most in three years as incomes climbed, while a gauge of planned U.S. business spending rose much more than expected.
A look at the future of "fiscal cliff" talks after last's night's defeat of "Plan B" in the House, with Rep. Steny Hoyer, (D-MD), and Barry Knapp, Barclays.
Austan Goolsbee, University of Chicago professor, explains why he thinks we're going over the "fiscal cliff" but is optimistic for a deal next year. Barry Knapp, Barclays, weighs in.
"The President has something of a plan," CNBC's Steve Liesman reports.
Rep. Shelley Moore Capito, (R-WV), discusses the defeat of the House's "Plan B" bill and the next step in reaching a compromise on the looming "fiscal cliff."
Ballooning central bank balance sheets across the U.S., Europe, the U.K. and Japan are “profoundly abnormal”, according to Jean-Claude Trichet, the former president of the ECB.
With gloomy economic forecasts, falling consumer confidence and poor retail figures adding to concerns over talk of the U.K. leaving the European Union, 2013 is set to be a tough year for the country, analysts say.
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.
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