WASHINGTON — Federal Reserve Chairman Ben Bernanke painted a dark picture of where the U.S. economy is headed if Congress fails to reach agreement soon to avert a budget crisis. “It would probably knock the recovery back into a recession ...

Tagged with: Ben Bernanke borrowing Congress congressional budget office democrats Economy european debt crisis federal reserve growth interest rates investors Manufacturing politics republicans Senate Banking Committee Stocks tax cuts tax hikes

WASHINGTON — They’re young, healthy and flat broke — and now the government says they have to buy thousands of dollars’ worth of medical insurance. What should tapped-out twentysomethings do? Well, some may just do nothing. The annual fine for ...

Tagged with: congressional budget office Insurance Internal Revenue Service medicaid medicare premiums

WASHINGTON — Millions of college students could be in for a shock this summer when the interest rate on a popular federally subsidized student loan doubles unless Congress acts. College students on Tuesday delivered more than 130,000 letters to congressional ...

Tagged with: college Congress congressional budget office interest rate loans students

WASHINGTON — The federal budget deficit fell sharply in January compared to a year earlier, as an improving economy lifts income tax revenue. The deficit is on track to shrink this year, but the red ink will still run deep: ...

Tagged with: Barack Obama budget deficit Congress congressional budget office george w. bush tax cuts treasury department

WASHINGTON — Ben Bernanke says the job market isn’t as strong as the steadily declining unemployment rate might suggest. Responding to questions at a Senate hearing Tuesday, he noted that the unemployment rate doesn’t capture the plight of millions of ...

Tagged with: Ben Bernanke congressional budget office deficit Economy fed Federal Hill federal reserve inflation interest rates jobs senate tax cuts

WASHINGTON — The average federal worker earns about 2 percent more than a private sector worker in a comparable profession, though the government’s generous pension system means that overall compensation is significantly higher, a government study released Monday said. Once ...

Tagged with: compensation congressional budget office federal workers Government health benefits private sector profession washington

WASHINGTON — The federal deficit was lower in the first quarter of the 2012 budget year than the same period last year. Yet, the imbalance remains high by historical standards and should keep lawmakers debating tax increases and spending cuts ...

Tagged with: Congress congressional budget office election day federal deficit revenues social security spending spending cuts Taxes treasury department

WASHINGTON — The imminent collapse of a special deficit-reduction supercommittee on Monday promises to set off yet another round of the Washington blame game as the panel officially admits failure in its quest to sop up at least $1.2 trillion ...

Tagged with: budget Congress congressional budget office deficit democrats medicaid medicare panel pentagon republicans spending cuts supercommittee white house

WASHINGTON — The richest 1 percent of Americans have been getting far richer over the last three decades while the middle class and poor have seen their after-tax household income only crawl up in comparison, according to a government study. ...

Tagged with: census bureau congressional budget office Gap household income income IRS occupy wall street rich study wealth

WASHINGTON — Six days away from a potentially calamitous government default, House Republicans appeared to be coalescing Wednesday around a work-in-progress plan by House Speaker John Boehner to increase the U.S. borrowing limit and chop $1 trillion in federal spending. ...

Tagged with: Congress congressional budget office debt debt ceiling debt crisis GOP harry reid house republicans House Speaker John Boehner mitch mcconnell