Economy
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With the world's largest economy suddenly awash in oil and gas, might the U.S. dollar join the ranks of the dollars of Canada and Australia as a "commodity currency"?
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This academic says the tax and spending package passed by the Senate and House provides little prospects of improvement.
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The United States averted economic calamity on Tuesday when lawmakers approved a deal preventing huge tax hikes and spending cuts that would have pushed the world's largest economy off the "fiscal cliff" into recession.
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Markets are relieved that the U.S. Congress has approved a deal to avert a "fiscal cliff", but analysts warn that investors now face a rocky two months ahead as negotiations over the debt ceiling begin.
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If Washington reaches this deal on the "fiscal cliff," it's only going to make the debt-ceiling fight even more ferocious.
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Barring major geopolitical shocks, the world economy in 2013 should mark the beginning of sustainably faster growth, one expert believes.
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Following a year tainted by heightened economic uncertainty, the world's second largest economy is setting itself up for a positive 2013, say analysts, pointing to China's latest economic data and stellar equity market performance.
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Pimco's Mohamed El-Erian sees a 'micro deal' where there should have been a major undertaking.
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The much-maligned peripheral economies of the euro zone are showing some encouraging signs, leading to talk of a revaluation which would have seemed optimistic for most of last year.
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The Senate approved the "fiscal cliff" deal in a late-night vote. House GOP leaders said, "The House will honor its commitment to consider the Senate agreement if it is passed." The House meets on New Year's Day.
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Due to the "dysfunction and polarization" in Washington the U.S. economy faces a prolonged weak outlook, Pimco's Mohamed El-Erian told CNBC.
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The top leaders in both parties on the House and Senate Agriculture committees have agreed to a one-year extension of the 2008 farm bill that expired in October, a move that could head off a possible doubling of milk prices next month.
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The euro zone sovereign debt crisis is far from over even though reform measures designed to address the roots of the problem are beginning to bear fruit, German Chancellor Angela Merkel has said in her New Year's address.
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Activity in China's vast manufacturing sector hit its fastest pace in December since May 2011, a survey of private factory managers showed, with a sub-index for new orders pointing to continued strength in the new year.
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Two small-company owners said the debt-deal debacle is weighing down Main Street. And politicians need to prioritize U.S. jobs.
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Democratic and Republican sources involved in negotiations reported some progress Friday toward a potential deal averting the "fiscal cliff" ahead of an afternoon summit at the White House between President Barack Obama and congressional leaders.
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After all that grand talk and bickering in Washington, it's time to temper expectations: If a deal is reached, it's likely to be much smaller than most expect.
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With "fiscal cliff" talks going to the wire, President Obama said Friday he was optimistic that an agreement can be reached in time to avert the automatic tax increases and spending cuts that could throw the economy back into recession.
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Warren Buffett said he remains confident the U.S. debt problem will be fixed...eventually, despite all the political fighting that's been sparked by the "fiscal cliff."
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With the "fiscal cliff" days away, former George W. Bush economic advisor Ed Lazear told CNBC on Friday it would be a mistake to rush a deal that will have a lasting impact on U.S. economic growth.
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Business activity in the U.S. Midwest expanded in December, a report showed, boosted by a rebound in customer demand. But the pace of hiring in the sector was the slowest it has been in more than three years.