Jack Lew

Federal deficit falls below $1 trillion for first time in five years

Federal deficit falls below $1 trillion for first time in five years

For the first time in five years, the U.S. government has run a budget deficit below $1 trillion. The government said Wednesday that the deficit for the 2013 budget year totaled $680.3 billion, down from $1.09 trillion in 2012. That’s the smallest imbalance since 2008, when the government ran a $458.6 billion deficit. It’s still […]

Government shutdown: Can the sequel be even worse?

Government shutdown: Can the sequel be even worse?

The partial government shutdown has ended but that doesn’t mean anyone has a solid idea for dodging a potential sequel. The legislative stalemate was resolved last week, but a possible repeat could loom on the horizon. Lawmakers approved a budget that keeps the lights on through Jan. 15 and lets the Treasury Department continue to […]

Boehner offers six week extension on debt limit, but…

Boehner offers six week extension on debt limit, but…

Facing a fresh deadline, House Speaker John Boehner said Thursday that Republicans would vote to extend the government’s ability to borrow money for six weeks — but only if President Barack Obama first agrees to fresh negotiations on spending cuts. Under the Republican plan, the partial government shutdown would continue. Obama has insisted the debt […]

A hint of compromise hidden in Obama and Boehner’s hyperbole?

A hint of compromise hidden in Obama and Boehner’s hyperbole?

President Barack Obama and House Speaker John Boehner offered hints of possible compromise but also traded heated rhetoric Tuesday, a frustratingly inconclusive combination that left the eight-day partial government shutdown firmly in place and the threat of an unprecedented national default drawing closer. “There’s a crack there,” Boehner said of the impasse near the end […]

Debt limit focus taking center stage away from shutdown debacle

Debt limit focus taking center stage away from shutdown debacle

A possible national default loomed closer on Monday as the partial government shutdown lingered, rattling markets in the U.S. and overseas. A gridlocked Congress betrayed little or no urgency toward resolving either of the threats. Stocks got a case of the jitters on Wall Street, and halfway around the world China stressed the importance for […]

Short-term debt limit hike under consideration by Senate Democrats

Short-term debt limit hike under consideration by Senate Democrats

Senate Democrats are drafting legislation to raise the nation’s debt limit without the type of unrelated conditions that Republicans have said they intend to demand, officials said Monday, as the White House signaled it would accept even a brief extension in borrowing authority to prevent an unprecedented default. The details of the emerging measure were […]

The government shutdown without end enters second week

The government shutdown without end enters second week

The government shutdown entered its second week with no end in sight and ominous signs that the United States was closer to the first default in the nation’s history as Speaker John Boehner ruled out any measure to boost borrowing authority without concessions from President Barack Obama. Washington will be closely watching the financial markets […]