U.S. Congress hopes budget shows mettle

Jan 15, 2014

U.S. Congress hopes budget shows mettle

A chastened Congress is putting aside the crisis-driven budget battles of the past three years, embracing a $1.1 trillion U.S. spending bill that restores or smooths the sharpest edges of the automatic cuts imposed as a result of its own dysfunction. The huge election-year ...

Washington's $1 trillion bid to end its fiscal wars

Jan 14, 2014

Washington's $1 trillion bid to end its fiscal wars

Negotiators from the U.S. Senate and House of Representatives unveiled a $1 trillion spending bill late Monday, eliminating the threat of another government shutdown— at least until October. The high-stakes omnibus spending bill sets discretionary spending limits line by line for each federal agency ...

Senate passes deal to avoid new shutdown

Dec 19, 2013

Senate passes deal to avoid new shutdown

Congress declared a holiday truce in the budget wars Wednesday, sending President Barack Obama a blueprint for funding the government through 2015. But the next skirmish was already on the horizon: an election-year fight over the national debt. The budget deal that passed the ...

Republicans back U.S. budget deal; deficits to rise in short term

Dec 13, 2013

Republicans back U.S. budget deal; deficits to rise in short term

The Republican-dominated House of Representatives passed a compromise spending plan Thursday easing across-the-board federal spending cuts and designed to prevent future government shutdowns. The legislation, backed by the White House, cleared on a vote of 332-94, with lopsided majorities of Republicans and Democrats alike ...

Canada to phase out door-to-door mail delivery

Dec 12, 2013

Canada to phase out door-to-door mail delivery

Canada’s postal service said Wednesday it will phase out door-to-door mail delivery and cut staff in response to falling volumes and big financial losses. Canadians will instead have to collect their mail from community mailboxes that are to be set up in neighborhoods nationwide, ...

Judge says Detroit can file for bankruptcy

Dec 4, 2013

Judge says Detroit can file for bankruptcy

A federal bankruptcy judge granted Detroit unprecedented powers Tuesday to shed billions of dollars in debt, including the ability to slash city employee pensions despite a state constitutional provision protecting them. In approving the nation’s largest-ever municipal filing, Judge Steven Rhodes cleared the way ...

World economy still being propped up by extraordinary aid

Nov 12, 2013

World economy still being propped up by extraordinary aid

Five years after the global financial crisis erupted, the world’s biggest economies still need to be propped up. They’re growing and hiring a little faster and creating more jobs, but only with extraordinary aid from central banks or government spending. And economists say major ...

| Nov 2, 2013

In U.S., budget crises surge while deficits shrink

It is an American paradox: The U.S. public deficit shrank this year at the fastest pace in nearly half a century, driven more by budget crises than real political will. The numbers published Wednesday in Washington were enough to turn European countries operating austerity ...

Oct 21, 2013

How much did the shutdown cost? Billions

by Josh Hicks

Shutdowns aren’t cheap. This year’s closure, which ended Thursday, has probably cost the government and the economy billions of dollars, according to economists and policy analysts. Below are some estimates of the financial effects of the 16-day closure, which forced hundreds of thousands of ...