US House of Representatives has passed by 269 votes to 161 a last-gasp deal to avoid a federal debt default. The bill is expected to be approved by the Senate and signed into law by President Barack Obama on Tuesday.
US manufacturing grew at its slowest pace in two years in July as new orders contracted, a troubling development for the faltering economy. The Institute for Supply Management said its index of national factory activity fell to 50.9, the lowest level since July 2009, from 55.3 in June.
The Nobel Prize winner economist Paul Krugman harshly criticized President Barack Obama for giving in to pressure compromising on a debt ceiling deal that defenders say will save the country from default.
President Barack Obama announced Sunday Republican and Democratic leaders have reached an agreement on raising the US debt limit and avoiding default. He said the deal would cut one trillion dollars of spending over 10 years, and set up a committee to report by November on a proposal to further reduce the deficit.
The UN Economic Commission for Latin America and the Caribbean, ECLAC, expressed public concern about the ongoing discussions between the White House and Congress regarding the governments’ borrowing limit and the August 2 deadline to reach an agreement.
The number of US citizens claiming new unemployment benefits last week dropped below the 400,000 level for the first time since early April, a hopeful sign for the US economy which has struggled to regain momentum.
International Monetary Fund's external relations director Caroline Atkinson resigned Thursday after being appointed the as a White House special assistant to the president for international economic affairs.
The pace of United States economic growth slowed last month in eight of the 12 Federal Reserve Districts, the central bank said Wednesday in the latest edition of its Beige Book report.
While US politicians remain divided on how to raise the government's ability to borrow, with a key deadline less than a week away, how is the current 14.29 trillion dollars in federal debt split, according to stats from the Treasury Department?
Should the US follow the example of President Dwight Eisenhower back in 1953, asks Alex J Pollok, resident fellow at the American Enterprise Institute and Anne Canfield president of Canfield & Associates, Washington, D.C. in an article published in The American Journal of the AEI.