Federal Reserve

US credit card debt inched close to a trillion dollars in the fourth quarter of 2022, the New York Federal Reserve Bank said in its quarterly report on household debt, released on Thursday.

President Biden and the Democrat-led Congress helped add $3.1 trillion to the federal deficit over the next decade, the Congressional Budget Office said Wednesday, delivering a depressing picture of the government’s finances and the economy.

The Consumer Price Index in January increased by 6.4% compared to the same time last year, in what was the highest inflation numbers since October 2022, the Labor Department said Thursday.

The prices of all items have increased by 0.5% from December to January, marking the highest monthly increase since October.

A group of House Republicans is supporting legislation that would replace federal income, payroll, estate, and gift taxes with a 30 percent national sales tax.

Former Walmart CEO Bill Simon warned Americans this weekend of the detrimental impact that corporate layoffs could have on the U.S.'s feeble economy.

Sales of new U.S. homes rose for the third straight month in December as high mortgage rates continued to decline, offering some relief for prospective homebuyers.

This week the US government reached its 31.4 trillion dollars borrowing limit, better known as the “debt ceiling.”

Treasury Secretary Janet Yellen asserted on Saturday that House Republicans attempting to negotiate spending cuts amid the renewed debt ceiling battle are “very irresponsible.”

The U.S. government bumped up against its debt limit Thursday, prompting the Treasury Department to take “extraordinary” accounting steps to avoid default — as friction between President Joe Biden and House Republicans raised concern about whether the U.S. can sidestep an economic crisis.