The Obama administration today will announce that the US government's fiscal deficit will only be $1.58 trillion versus the $1.842 trillion that was forecasted in May. According to Bloomberg, the drop was due to the administration scrapped contingency plans to provide hundreds of billions of dollars in additional aid to the financial industry.
As WaPo reports today, Democratic in-fighting over the White House's apparent shift away from the public option is a move that has riled progressives and threatened to derail the broader debate.
From the first quarter, we had the Chinese and Russians expressing concern over the direction of the US fiscal position. This lead to the suggestion/advocation that a new world reserve currency be established.
Foreign demand for long-term U.S. financial assets rebounded in June even though China and Russia trimmed their holdings.
A period of weak stock markets and strong dollar is likely to come after the strong rally in developed and emerging markets alike, Marc Faber, the author of "The Gloom, Doom and Boom Report," told CNBC.
The world economy still risks a double-dip recession if oil prices rise toward $100 per barrel and if huge U.S. government debts frighten investors, Nouriel Roubini, professor of economics and chairman of RGE Monitor, told CNBC.
Is this just a momentary blip on the radar or is it the start of the 2009 summer sell-off?
House Democratic leaders said Monday that they will not force the Pentagon to buy four new passenger jets used to ferry senior government officials.
Government bonds are a "very problematic" investment right now because of a large number of issuances and because they have been pushed down by the latest rally in stocks, Uwe Parpart, chief economist and strategist at Asia Cantor Fitzgerald, told CNBC Monday.
The world economy needs a second stimulus if it is to avoid the fate of Japan in the 1990s when it was stuck with years of sluggish growth, Nobel laureate and professor of economics Paul Krugman told CNBC.
AIG’s share price has now advanced more than 100% during the week. While it was a short squeeze that contributed the bulk of that move, today’s upward tide is due to a belief that AIG has found some stability in its business.
The Obama administration's foreclosure relief plan is off to a slower-than-expected start, with some of the biggest financial firms showing poor participation rates.
The Treasury Department on Monday reduced its borrowing estimate in the current July-September quarter by $109 billion, some rare good news about the government's financial needs.
The Obama administration wants to shame the mortgage industry into doing a better job of helping borrowers avoid losing their homes to foreclosure.
Stocks ended slightly lower Tuesday, though the Nasdaq eked out a gain. And Citigroup shares soared.
Ben was superb. He knew he had to deliver a strong message and not get bogged down by the often inane questions of our political elite. The best way to get your point across is to tell them what you're going to say, say it, and then tell them what you said. Even Congressman might hear the message.
Don't be so sure that the next bull market has found its footing. According to Richard Bernstein the bulls have missed something critical.
China's sovereign wealth fund has taken about 1 percent in drinks group Diageo, in a move which an analyst said is a sign the country is diversifying away from the US dollar.
With bondholders coming to the rescue of troubled commercial lender CIT Group, and not the government, a new reality is setting in for investors. With federal bailouts drying up and the economy still in distress, many more financial firms could face bankruptcy. When they do, it will be major private lenders that will have to decide whether to rescue the companies or allow them to fail.
Both government and industry have experienced a steep learning curve in battling foreclosures, but two years into the crisis, greater flexibility and more effective measures are combining to produce early signs of improved results.