Who would have thought that Fannie Mae (FNMA) , once the recipient of $116 billion in government bailout funds, would one day be the reason the government could delay its debt ceiling deadline by almost four months? U.S. Treasury Secretary Jack Lew told CNBC Friday that a one-time payment of $59.4 billion from Fannie Mae pushes back the debt ceiling deadline effectively from May 19 “until at least Labor Day,” which falls on September 2
Employers added 165,000 to payrolls in April, pushing the unemployment rate down to 7.5% from 7.6% -- the lowest rate since December 2008. Economists had expected the rate would remain unchanged from March and payrolls would grow by 145,000
Niall Ferguson has two words for Paul Krugman: you’re wrong. The Harvard University history professor and author of “Civilization: The West and the Rest” says Krugman’s pro-government spending thesis not only fails to address the core problems facing the U.S. and Europe today but also has dire consequences for individuals living in these economies.
China's economy has grown at 8 per cent and more each year over the last decade, but much of that has been fuelled by debt.
This time last year many markets were convinced Greece would exit the euro but the country has since approved further fiscal consolidation. George Provopoulos, Greece's central bank governor, tells the FT's capital markets editor Ralph Atkins that the worst is over for the country
Corporate tax rates have been falling around the world since the 1980s and the trend shows no sign of letting up. The FT's Daniel Garrahan reports on whether the world is engaged in a ruinous race to the bottom.
Fitch Ratings warned U.S. lawmakers on Wednesday that it was prepared to downgrade the nation’s "AAA" rating if a fiscal cliff deal was not completed before Dec. 31.
President Barack Obama has agreed to curtail future cost-of-living hikes for Social Security and softened his demand for higher taxes on the rich in quickening talks with House Speaker John Boehner to avoid the ‘‘fiscal cliff,’’ various media reported Monday night, citing people familiar with the talks. Both sides expressed hope a deal was near, The New York Times reported. Speaking a few hours after Obama and Boehner met at the White House, sources told the Associated Press the president was now seeking a higher tax rate beginning at incomes over $400,000, up from the levels of $200,000 for individuals and $250,000 for couples that were cornerstones of his campaign.
George Osborne's update on the UK's public finances on Wednesday will be tough. The chancellor is facing disappointing economic growth and slowing tax receipts. Carl Emmerson, deputy director of the Institute for Fiscal Studies, discusses with economics editor Chris Giles how even an optimistic outlook now sees Mr Osborne missing his debt reduction target without more austerity.
A hundred years ago if a country was reluctant to pay its debts, gunboats may steam to its shores. Since then sovereign immunity has reigned but the latest development in a legal argument over Argentina's 2001 defaulted debt could shift the balance toward creditors