Budget Deficit | featured news

"Supercommittee" of six Republicans and six Democrats has 105 days to find a way to reduce the national deficit.

As elected officials try to cash in on fireworks sales in cities and counties where they have long been banned, consumers will find it easier to buy fireworks.

Vice President Joe Biden said Saturday the Obama administration wouldn't let middle class Americans "carry the whole burden" to break a deadlock over the national debt limit, warning that the Republican approach would only benefit ...

State governments across the country are laying off teachers, closing public libraries and parks, and reducing health care services, but there is one place they could get $23 billion if they could only agree how to do it: Internet retailers such as Amazon.com.

Gov. Jerry Brown was elected on a pledge to break legislative gridlock by changing Capitol culture, and he showered state lawmakers with attention as he tried to forge a bipartisan compromise to fix the state's chronic financial mess.

The International Monetary Fund cut its forecast for U.S. economic growth on Friday and warned Washington and debt-ridden European countries that they are "playing with fire" unless they take immediate steps to reduce their budget deficits.

Well, no one can doubt anymore that Republicans are petrified that the Medicare cuts in Rep. Paul Ryan’s budget might cost them the 26th congressional district in New York, long a safe Republican seat, in the May 24 special election. It’s a classic technique in politics that if your opponent has found an issue that’s working against you, you turn the tables and declare your opponent’s position to be as bad as yours, or worse.

Treasury Secretary Timothy Geithner warned in a letter to Congress that failure to raise the $14.294 trillion debt ceiling would drive up interest rates, push down household wealth, put more pressure on federal entitlement programs and cause a double-dip recession.

With high gas prices and federal deficits in the political spotlight, senior Democrats believe that Senate Republicans will support an idea they otherwise might not like.

Tax income has been outpacing forecasts — good news as Sacramento struggles with a $15-billion budget deficit. GOP leaders are already using it as fodder against Gov. Brown's proposed tax increases.