Employers cut jobs in July for the seventh straight month, while the unemployment rate hit a four-year high, according to a government report released Friday.
In what could turn out to be the most expensive bank failure ever, troubled mortgage lender IndyMac Bancorp Inc. was taken over by federal regulators on Friday.
Sen. Charles Schumer said Sunday the Bush administration is trying to "blame the fire on the person who calls 911" by suggesting he had a role in one of the costliest U.S. bank failures.
The pact between the Federal Reserve and the Securities and Exchange Commission should enhance regulatory cooperation between the two agencies, allowing them to more effectively carry out their regulatory duties, officials said
It's the $64,000 question on Capitol Hill this week: what is responsible for the record escalation on oil prices?
Two U.S. senators asked the Bush administration Tuesday to stop the Iraqi government from signing imminent no-bid contracts with several U.S. and European oil companies, expressing concern about the distribution of royalties from the deal.
As the Iraq war continues with no clear end in sight, the cost to taxpayers may balloon to $2.7 trillion by the time the conflict comes to an end, according to Congressional testimony.
Senate Republicans on Tuesday blocked a Democratic initiative that would have taxed the windfall profits oil companies have enjoyed due to rising energy prices, with the minority leader calling the proposal a "gimmick."
Domestic flight delays cost the industry and passengers $40.7 billion in 2007, according to the Joint Economic Committee from the House and Senate, which released a report Thursday.
Sen. Charles Schumer, D-N.Y., said Wednesday he believes the credit crisis may get worse and that regulatory failings helped fuel the problems rocking the economy.
Employers cut jobs in July for the seventh straight month, while the unemployment rate hit a four-year high, according to a government report released Friday.
In what could turn out to be the most expensive bank failure ever, troubled mortgage lender IndyMac Bancorp Inc. was taken over by federal regulators on Friday.
Sen. Charles Schumer said Sunday the Bush administration is trying to "blame the fire on the person who calls 911" by suggesting he had a role in one of the costliest U.S. bank failures.
The pact between the Federal Reserve and the Securities and Exchange Commission should enhance regulatory cooperation between the two agencies, allowing them to more effectively carry out their regulatory duties, officials said
It's the $64,000 question on Capitol Hill this week: what is responsible for the record escalation on oil prices?
Two U.S. senators asked the Bush administration Tuesday to stop the Iraqi government from signing imminent no-bid contracts with several U.S. and European oil companies, expressing concern about the distribution of royalties from the deal.
As the Iraq war continues with no clear end in sight, the cost to taxpayers may balloon to $2.7 trillion by the time the conflict comes to an end, according to Congressional testimony.
Senate Republicans on Tuesday blocked a Democratic initiative that would have taxed the windfall profits oil companies have enjoyed due to rising energy prices, with the minority leader calling the proposal a "gimmick."
Domestic flight delays cost the industry and passengers $40.7 billion in 2007, according to the Joint Economic Committee from the House and Senate, which released a report Thursday.
Sen. Charles Schumer, D-N.Y., said Wednesday he believes the credit crisis may get worse and that regulatory failings helped fuel the problems rocking the economy.
Lawmakers considered allegations Tuesday that mortgage lenders and companies that service loans are misusing the bankruptcy system to impose questionable fees and improperly pressure homeowners facing foreclosure.
Lawmakers on Thursday scrutinized the impact of soaring food costs on American consumers already stung by rising gas prices.
President Bush addressed Americans' anxiety about the effects that the U.S. economic downturn has taken on their wallets Tuesday, calling on Congress to pass legislation that will help reduce energy and food costs, keep people in their homes, and make student loans more available.
Paying for college is rarely easy, but this year parents and students could have a tougher time securing the necessary financing.
Federal Reserve Chairman Ben Bernanke, in his most pessimistic and blunt assessment to date, said Wednesday that a "recession is possible" for the U.S. economy.
Given Wall Street's meltdown, it comes as no surprise that many normally reasonable people would love to bind and gag the financial industry in red tape.
The U.S. economy is going through a "tough patch," Treasury Secretary Henry Paulson said Sunday, insisting that the proper steps were being made to turn things around.
A bitterly divided Senate panel Thursday approved a measure allowing all public U.S. Supreme Court proceedings to be televised despite fierce opposition from the justices.
Retired federal judge Michael Mukasey officially became attorney general Friday, taking the oath of office without fanfare from a Justice Department official.
After weeks of controversy over Michael Mukasey's views on waterboarding, the Senate Judiciary Committee on Tuesday approved the former judge's nomination for attorney general.
Even with the Democrats about to confirm Michael Mukasey as Attorney General, the fight over waterboarding is proving particularly hard to quit
The confirmation of Michael Mukasey as attorney general was all but assured Friday when two key Democratic senators said they will vote in favor of the nominee despite questions about his views on "waterboarding" and the president's power to order electronic surveillance.
Thanks to scandal and retirements, the GOP must now worry that Democrats could gain a filibuster-proof majority in 2008
When Philip D. Murphy, formerly global co-head of Goldman Sachs's investment management division, became the Democratic National Committee's national finance chairman last year (and yet another Goldman alum to enter politics), he knew he'd be stepping into the middle of a donkey fight - one that pitted DNC chair Howard Dean against Senator Charles Schumer and Congressman Rahm Emanuel.
If home prices fall as forecast, the $23 trillion housing market could lose $3 trillion in value by August 2008, a leading housing economist and former mortgage bank president told lawmakers on Wednesday.
The government on Wednesday nudged higher the investment caps for home-loan finance companies Fannie Mae and Freddie Mac in an effort to alleviate strain in the mortgage market.
After a Clintonesque selection process, the White House awaits conservative reaction to its choice of Michael Mukasey
Former federal judge Michael Mukasey has accepted President Bush's offer to replace Alberto Gonzales as U.S. attorney general, two government sources familiar with the president's selection said Sunday.
Stocks jumped Friday, ahead of a long holiday weekend, after Ben Bernanke pledged the central bank will keep financial markets stable and the Bush Administration offered help to consumers hurt by the subprime mortgage crisis.
President Bush outlined his plan Friday for helping troubled subprime borrowers keep their homes. The initiatives target hundreds of thousands of distressed homeowners.
Stocks rallied Friday, in light trading ahead of a long holiday weekend, after Ben Bernanke pledged the central bank will keep financial markets stable and the Bush Administration offered help to consumers hurt by the subprime mortgage crisis.
The next attorney general must carry enough stature to push White House anti-terrorism policies, combined with the charm and credibility to win over congressional Democrats, a former Justice Department official said.
Stocks surged Wednesday, erasing the previous day's losses, as investors took a big drop in the yen and encouraging comments from the chairman of the Federal Reserve as signs that the recent market turmoil is waning.
Federal Reserve Chairman Ben Bernanke, in a letter to Democratic Sen. Charles Schumer of New York, said he did not think caps on investment limits for Fannie Mae and Freddie Mac needed to be lifted.
U.S. Senator Charles Schumer has asked the big accounting firms what steps they are taking to inform investors holding securitized mortgage assets that they can modify home loans and refinance them, according to a letter obtained by Reuters Friday.
For people seeking U.S. passports, faster service is getting slower.
More and more Wall Streeters - especially those new-money hedge fund and private equity managers with net worths stretching toward and beyond the billion-dollar mark - are throwing their considerable moneyed weight behind Democratic candidates. So far, presidential contenders Hillary Clinton and Barack Obama have managed to charm these masters of Manhattan with their policy smarts and scent of potential victory, even while decrying the country's "highest concentration of wealth...since 1929," as Clinton puts it.
The government did an about-face Tuesday and announced it is accepting applications for green cards filed by skilled immigrant workers
U.S. bank regulators Friday tightened standards for mortgage lending in a bid to curtail risky practices that have been blamed for a record level of foreclosures.
The Attorney General didn't lose Congress' vote, but that doesn't mean he won much either
A Justice Department official has "clarified" Senate testimony regarding a Missouri voter-fraud case, saying the decision to seek voter registration fraud indictments shortly before an election was his and not that of career staff.
A leading Republican senator predicted Sunday that Attorney General Alberto Gonzales would quit before facing a "substantial" no-confidence vote, but the White House said such a vote would have no effect on the Justice Department chief.
In what some lawmakers call a make-or-break session, Attorney General Alberto Gonzales is expected to face a grilling Thursday testifying before the Senate Judiciary Committee regarding the firing of eight U.S. Attorneys last year.
The Senate Judiciary Committee's ranking Republican warned Attorney General Alberto Gonzales to avoid generalizations and "deal with the facts," two days before Gonzales is expected to answer questions about the dismissal of eight U.S. attorneys.
Want to pick up the check for every homeowner who got saddled with a risky mortgage? It's a big one - on the order of $120 billion.
Non-profits and lawmakers are stepping up efforts to help people at risk of losing their homes. But critics contend the programs will do little to stem the nation's rising tide of foreclosures.
The federal government should offer troubled borrowers hundreds of millions of dollars to bail them out of subprime mortgage loans, several leading Democratic lawmakers said on Wednesday.
The decision to fire eight U.S. attorneys in December was "properly made but poorly explained," a former top aide to Attorney General Alberto Gonzales will tell a Senate committee Thursday.
There's a debate within the debate over the firing of eight U.S. attorneys. It's not about the firings themselves, but rather over who's playing political games. Because in Washington, everyone wants to be seen as above politics.
Senate Republican leaders said in a meeting Tuesday that Attorney General Alberto Gonzales "bungled" the response to criticism of seven fired U.S. attorneys but that he should not be dismissed, according to two Republican sources at the meeting.
Dubai Aerospace Enterprise (DAE) is nearing a deal to buy a series of aviation businesses from U.S. private equity firm Carlyle Group for more than $1.5 billion, a source familiar with the matter said on Monday.
Amid growing calls for his resignation, Attorney General Alberto Gonzales apologized to the nation's U.S. attorneys for his handling of the firings of eight people who used to hold the position, according to a Justice Department spokesman.
(Time.com) -- This was a big deal. Certainly, it was the end of George W. Bush's radical experiment in partisan governance. It might have been even bigger than that: the end of the conservative pendulum swing that began with Ronald Reagan's revolution.
On a wretchedly hot August day outside the Caterpillar tractor plant in Montgomery, Ill., President Bush and the state's congressional delegation gather for the signing of the massive transportation bill. This is 2005, the calm before the Katrina storm, and a rigorous mountain-biking schedule has the President in top shape.
Three high-ranking Senate Democrats on Tuesday called on Iraqi Prime Minister Nuri al-Maliki to explain his recent comments condemning Israel's "aggression" against Lebanon.
Republicans and Democrats on the Senate Judiciary Committee laid out sharp partisan lines Tuesday in debating the qualifications of a top White House aide nominated for a prestigious judicial post.
Do my eyes deceive me? Am I reading that President George W. Bush has joined with the Republican leadership to call for investigation of the oil companies in light of soaring oil and gas prices? Oil hit $75 a barrel recently and apparently transformed the Republicans into Democrats, Democrats of the Charles Schumer and Jean-Francois Kerry variety.
As American drivers shell out more and more money at the pump with each passing day, some are asking whether big oil companies are scheming to withhold supplies in order to boost prices.
So the Dubai ports deal is done, a United Arab Emirates-owned company has backed down, and CNN anchor (and deal opponent) Lou Dobbs is going to have to find something else to talk about. But the after-effects are likely to be felt in boardrooms across America as well as on Capitol Hill and in Arab capitals from Riyadh to Bahrain and Cairo.
A majority of Americans said the Senate should confirm federal appellate judge Samuel Alito's nomination to the Supreme Court, with just 30 percent opposing his confirmation, according to a poll released Monday.
During a break in the Supreme Court nomination hearings of Judge Samuel Alito, CNN's Wolf Blitzer asks Senate Judiciary Committee member Sen. Charles Schumer, D-New York, whether Democrats intend to block Alito's nomination.
Two top Republicans announced Sunday they would seek the No. 2 position in the House, a day after Rep. Tom DeLay said he will not try to reclaim the majority leader post.
The Senate minority leader said Sunday that President Bush and Vice President Dick Cheney owe the country an explanation of "what's going on" in the administration and called for White House Deputy Chief of Staff Karl Rove to be fired.
As the White House turns its attention to finding a new Supreme Court nominee, conservative activists relieved at Harriet Miers' withdrawal are vowing to oppose President Bush's next nominee unless the candidate has solid conservative credentials.
Two Democratic senators proposed legislation Thursday that would create an emergency gasoline and jet-fuel reserve.
Sen. Charles Schumer, D-New York, on Thursday outlined what he considers pros and cons of John Roberts' nomination for chief justice of the United State. Schumer made the remarks during the Senate Judiciary Committee's confirmation hearing for Roberts.
Supreme Court nominee John Roberts spent a second day Thursday visiting senators on Capitol Hill, where the contentiousness many expected to see over the first high court confirmation in 11 years was nowhere in sight.
Two senators agreed Thursday to delay a vote on legislation that would slap punitive tariffs on China, after Treasury Secretary John Snow and Federal Reserve Chairman Alan Greenspan convinced them that Beijing was likely to soon take steps toward revaluing its national currency.
"And in [William] Pryor's case, his beliefs are so well known, so deeply held, that it's very hard to believe, very hard to believe that they're not going to deeply influence the way he comes about saying, 'I will follow the law.' And that would be true of anybody who had very, very deeply held views."
The showdown over President Bush's judicial nominees took center stage Wednesday in the Senate, with Majority Leader Bill Frist calling on members to move toward a vote on one of the most controversial picks.
ACROSS WESTERN ECONOMIES, THE 2005 CHINA FREE-trade freak-out is in full swing. Politicians are saying and doing things they ought to be ashamed of. Certain industry groups and labor unions want us...
It's one of those opportunities the president has every year to set the nation's agenda, and by all accounts he will do so Wednesday tonight.
With more than a whiff of self-congratulations, Democrats love to call themselves the tolerant party.
President Bush will nominate former New York City police commissioner Bernard Kerik to take over as secretary of homeland security, two administration officials said Thursday.
Senate Majority Leader Bill Frist said Sunday that "accountability will be carried out" against whoever slipped a provision into an omnibus spending bill that would have allowed two committee chairmen to view the tax returns of any American.
WASHINGTON (CNN) -- Spiraling gas prices are hammering consumers nationwide and not just on the roadways.
From CNN's Jennifer Coggiola in Washington:
Congress thought it was cracking down on companies making sweetheart loans to executives when, as part of the Corporate Responsibility Act passed in July, it banned "extensions of credit in the for...
Attention, credit card holders who have shopped around for the lowest interest rates: Cash-strapped banks have sold about $9.7 billion of their credit card accounts this year, and some new owners h...
Your servant was recently boning up on drug therapy, but not because he needs any. Friends, our studies were undertaken for defensive purposes only. We are still playing deep safety, as it were, ag...
One of these days a Congressman will stand in the well of the House and utter the truth about sweatshops, but no way does this person figure to come from the tenth district of New York. The tenth, ...
CHARLES E. SCHUMER, 37, Democratic Congressman from New York, on the Tokyo stock exchange's admission of foreign firms: ''It's pretty much a tortoise pace. But at least the tortoise is moving more ...
THE BIGGEST THREAT to tax reform in this session of Congress could be mounting enthusiasm for a stiffer corporate minimum tax. When Ronald Reagan's tax plan heads for Capitol Hill, it will have to ...
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