On Wednesday, the US Commerce Department announced that in the first quarter of 2014 gross domestic product fell to a 2.9 percent annual rate, higher than the 1.0 percent pace it had reported last month. Although mainstream media and economists are still finding positive signs in the state of the US economy, some pundits believe the US may be approaching a period of prolonged economy contraction.
Former US President Bill Clinton defended Hillary Clinton's commitment to the poor and working Americans on Tuesday, after criticism that she mishandled media questions about their personal wealth, saying that his family had economic problems when leaving the White House, Reuters reports.
If American authorities conduct a full audit of the Pentagon, they may find out that the agency spends billions of dollars inefficiently. The agency could also be caught misusing funds. The US Department of Defense has never been audited, although it performs more than 150 million financial transactions per year. Nearly one-fifth of total government expenditures go to the needs of the agency.
The American economy has been deteriorating significantly since Barack Obama took office. Medium incomes are the lowest since 1995 and real unemployment rates are 16.6 percent. But what is most disturbing is the $17.5 trillion debt.
Google Glass and iPad makers are secretly scamming the US Treasury out of billions of dollars in the numerous ways they try to evade taxes. In a brand new scheme, some of America's highest ranking tech firms are managing to wiggle their way out of paying taxes by keeping it tucked away somewhere overseas and then finding a way to take government payments on it.
President Barack Obama has signed separate measures lifting the federal debt limit and restoring full cost of living benefits for military retirees.
US Republicans capitulated Tuesday to President Barack Obama's call to extend the nation's borrowing authority with no strings attached, dialing back the threat of an election-year fiscal showdown. The House of Representatives narrowly approved a measure to suspend the US debt ceiling until March 2015. It now moves to the Senate, which will begin debating the bill Wednesday.
New Federal Reserve Chair Janet Yellen on Tuesday made it clear she would not make any abrupt changes to US monetary policy, saying the central bank was on track to keep reducing its stimulus even though the labor market recovery was "far from complete."
The US House of Representatives plans to vote on a "clean" increase in the federal debt limit on Tuesday evening instead of Wednesday because of winter storm concerns, a House Republican aide said.
Urgent measures must be introduced in the US as the Treasury Secretary Jacob Lew says the country is running out of cash by the end of this month. Professor Paul Sheldon Foote, from Fullerton, California told in interview to the Voice of Russia thar there is no risk of default in US economy... now. Because US governmeтt knows only how to spend money and all the authorities do is promises to spend more and more money.
The US has got itself into a debt pit. The US national debt has almost reached a mind-boggling figure of 17 trillion dollars and may shortly exceed it, according to experts. The huge looming debt largely determines moves by the ruling elite in Washington.
The International Monetary Fund said Thursday that the United States should strengthen economic confidence by promptly increasing its debt ceiling, as a fresh battle looms in Congress over the issue.
The Federal Reserve stayed the course on tapering its stimulus for the US economy Wednesday, reducing its asset purchases by $10 billion for the second month in a row. The Fed, as expected, cut the stimulus to $65 billion a month, while leaving its benchmark interest rate near zero, citing "growing underlying strength in the broader economy."
America has entered the new year, 2014. However, last year's problems – mainly, the difficult ones - are still in existence. True, should we start judging by what the US media is actively discussing at the moment - the problems, allegedly, existing in Obama's family, we will have to say that these problems are the most urgent issue of today. Numerous reports, articles and photos are calling the attention of the US citizens to Obama's family problems. Clever commentators prefer to ignore the figures on the travelling lines appearing on a huge screen installed in the centre of New York, which provide information about the continued increase in the US public debt.
Chinese-owned computer maker Lenovo Group Ltd. on Thursday said it had agreed to pay 2.3 billion dollars to buy the server hardware and maintenance division of US technology services giant IBM. The acquisition "will provide the company with end-to-end capabilities to serve enterprise customers and explore new growth segments in the enterprise hardware market," Lenovo said in a statement to the Hong Kong Stock Exchange.
The US Treasury said Wednesday that it would run out of money by late February if the US Congress did not increase the country's borrowing limit.
China's holdings of US Treasuries increased $12.2 billion to a record $1.317 trillion in November, data released on the Treasury Department’s website showed. And Japan's holdings rose $12 billion to $1.186 trillion. China remains the US's largest creditor.
The Obama administration warned on Wednesday that it would likely begin defaulting on its obligations within a month of Feb. 7 if Congress does not raise a cap on government borrowing by then.
A group of Occupy Wall Street activists has bought almost $15m of Americans' personal debt over the last year as part of the Rolling Jubilee project to help people pay off their outstanding credit.
Once again the US faces a difficult fiscal hurdle in the form of the need to raise the debt ceiling. Laurence Kotlikoff, a Professor of Economics at Boston University and President Reagan's Council of Economic Adviser, who focuses on the CBO (Congressional Budget Office) and it’s Extended Baseline Forecast, which was left out of discussions during the recent budget debate talked to the Voice of Russia.