Taxes, Trillion | featured news

The U.S. Treasury Department will begin taking steps this week to delay hitting the government's $16.4 trillion borrowing limit. The government is facing a crunch on the debt ceiling because the issue has become ensnarled in talks to avoid some $600 billion in tax hikes and spending cuts due to begin in early January. Failing to raise the debt ceiling could cause the government to default on its debt.

Thanks to lax international tax rules the world’s super rich have siphoned at least $21 trillion into secretive tax-free havens, according to a study by UK campaign group Tax Justice Network.

President Barack Obama will release a plan on Monday calling for more than $3 trillion in deficit cuts over 10 years, with about half of the savings coming from higher taxes on the wealthy and big corporations.

President Barack Obama is sending Congress a $3.73 trillion spending blueprint that pledges $1.1 trillion in deficit savings over the next decade through spending cuts and tax increases.