Our nation faces the most predictable economic crisis in its history. Spending is rising rapidly, and revenues are failing to keep pace. As a result, the federal government is forced to borrow huge sums each year to make up the difference. If not addressed, burgeoning deficits will eventually lead to a fiscal crisis, at which point the world's financial markets will force decisions upon us.
The final vote on the National Commission on Fiscal Responsibility and Reform Commission's report serves as a concrete example of the disconnect between main street and Washington as well as the dysfunctional state of our current political system.
As the Bush administration continued to push Congress to accept its rescue proposal, the president geared up for a prime-time address to the nation Wednesday night - his biggest push yet for the proposed $700 billion bailout of the U.S. financial system.
Treasuries were mixed Wednesday after Federal Reserve Chairman Alan Greenspan cited concerns about the budget deficit and the rising costs of Social Security, but bypassed talk of inflation or any hints of faster rate hikes.
A sharply divided Congress began debating the Bush administration's $2.57 trillion budget for fiscal year 2006 Tuesday, with Democrats criticizing administration officials on topics from the proposed Social Security overhaul to the deficit.
A sharply divided Congress began debating the Bush administration's $2.6 trillion budget for fiscal year 2006 Tuesday, with Democrats sniping at administration officials on topics such as the nation's Social Security system and the deficit.
Treasury prices rose Wednesday after Federal Reserve Chairman Alan Greenspan painted a portrait of a mildly recovering economy, laced with caveats, and suggested inflation has, for now, been kept in check.
If the nation's leading Fed head, Alan Greenspan, has any doubts about hiking rates at the Fed's meeting in two weeks, now is the day he can dispel them as he testifies before the House Budget Committee.
The U.S. currency slipped while prices of Treasury securities posted small gains Tuesday after steep gains last week, with investors turning cautious ahead of a speech by Federal Reserve Chairman Alan Greenspan on Wednesday.
A White House memo instructs government agencies to consider possible budget reductions in 2006, and Democrats -- who distributed the document -- asserted cuts in various education, environmental and veterans programs could be expected.