The budget that President Obama proposed on Thursday is nothing less than an attempt to end a three-decade era of economic policy dominated by the ideas of Ronald Reagan and his supporters, the New York Times reports.
Pledging "a new era of responsibility," President Barack Obama unveiled a multi-trillion-dollar spending plan.
The President has a plan to dissolve the federal deficit within four years. Now it's up to us to plug our own personal deficits.
As President Obama prepared to deliver his budget for fiscal year 2010 on Thursday morning, political insiders discussed the pros and cons.
Wednesday: As the state of financials continues to worry the markets, Fed Chairman Ben Bernanke said the U.S. has no plans to nationalize Citigroup. Wealthy Americans are suing UBS to keep their names secret (as a $31 billion UBS order went wrong) and Congress is considering a housing bill that'd let judges erase mortgage debt. Experts told CNBC that America needs more infrastructure in the stimulus bill — and that there won't be a recovery until housing improves.
U.S. banking regulators announced Wednesday that the "stress test" program on banks with more than $100 billion in assets will be completed by no later than April, CNBC has learned.
Obama spoke of many things in his Financial State of the Union. But the underlying tone was one steeped in one basic theme: accountability. For his administration, for you and me, and for the scoundrel corporate leaders everyone loves to hate nowadays. He said over and over again that the party is over, the fantasy dead. We have to be accountable for our actions.
Tuesday: Fed Chairman Ben Bernanke warned the "severe" U.S. recession may drag into 2010 unless the government succeeds in stabilizing the banking system and financial markets. Debate continues on bank "nationalization," with Bank of America insisting it won't need a bigger U.S. stake; and analysts wondering if Citigroup actually needs the government to pick up more than 40 percent. Experts told CNBC that fears of nationalization are overdone — and we're now entering the epicenter of the recession.
The next economic bubble is on its way—if it's not already here, analysts believe. The problem is, there's no clear consensus on what it will be or when it will hit.
The U.S. unemployment rate -- now at 7.6 percent, the highest in more than 16 years -- is expected hit a peak of 9 percent this year, according to the latest survey by the National Association for Business Economics to be released Monday.
Friday: Bank nationalization is the big topic du jour. Everyone seems to dislike the idea, but more and more analysts are begrudgingly calling nationalization the inevitable next move in the financial crisis. UBS widened its tax probe; a survey of U.S. homeowners showed more depreciation; and gold rose over $1,000 on investors' flight to safety. CNBC heard from experts who said the U.S. dollar will emerge as the ultimate safe haven; and Citigroup and Bank of America will indeed survive.
Billionaire investor Wilbur Ross, chairman and CEO of WL Ross & Co., shared his insight on Obama's economic plans, the SEC, the housing market and more with CNBC.
As the economy continues to struggle, the public is growing increasingly concerned about losing jobs, not having enough money to pay the bills and seeing their retirement accounts shrink, according to an Associated Press-GfK poll.
Tuesday: President Obama signed the $787 billion economic stimulus bill into law, as governments around the world consider their own actions. But global markets plunged on fears of a deepening recession; Chrysler asked the U.S. for $2 billion more in loans and General Motors is widely expected to follow suit. Investors are fleeing to bonds and gold-backed securities. CNBC heard from experts who warned that the March "bear market bull" won't happen — but that we are, indeed, in a "bottoming process."
The U.S. House of Representatives had passed the economic stimulus package. Now the measure goes to the Senate for a vote.
Paul McCulley, managing director of Pimco, says he is looking for more details on the bank rescue plan than Treasury Secretary Timothy Geithner's is willing to provide.
The U.S. trade deficit fell to the lowest level in nearly six years in December as the recession depressed demand for imports.
Treasury Secretary Tim Geithner defended his newly announced financial bailout plan, telling CNBC that "the financial crisis is enormously complicated" and will take time to resolve.
Here's a comparison of the $838 billion economic recovery plan passed by the Senate with an $820 billion version passed by the House.
Government action to shore up the economy and improve the housing climate probably will send mortgage rates to 4.5 percent, Bill Gross, co-CEO at the Pimco bond fund, said Monday.