Gross domestic product

Slower than expected growth adds more bad economic news

The economy regained speed in the first quarter, but not as much as expected, heightening fears it could struggle to cope with deep government spending cuts and higher taxes. Gross domestic product expanded at a 2.5 percent annual rate, the Commerce Department said on Friday, after growth nearly stalled in the fourth quarter. Economists had […]

Dissecting GOP spin on taxes

Dissecting GOP spin on taxes

The expiration of Bush-era tax cuts in January has sparked a partisan bickering match this election season, and much of the rhetoric from both Democrats and Republicans is misleading. A look at three prominent arguments, sorting the spin from the facts: ___ THE SPIN: Republicans warn that America faces the largest tax increase ever if […]

Economic woes expected to continue

Economic woes expected to continue

The U.S. economic recovery will remain slow deep into next year, held back by shoppers reluctant to spend and employers hesitant to hire, according to an Associated Press survey of leading economists. The latest quarterly AP Economy Survey shows economists have turned gloomier in the past three months. They foresee weaker growth and higher unemployment […]

Government debt reaches record $13 trillion

Government debt reaches record $13 trillion

US debt has reached 13 trillion dollars for the first time in history, the Treasury Department said Wednesday, stoking a political furor over government spending. Amid vast government outlays designed to end the economic crisis, the debt reached a record 13,050,826,460,886.97 dollars on June 1, according to official figures. The debt has increased by around […]