The deal would raise the ceiling for two years, cap some federal spending and impose new work requirements on certain federal benefits. It still needs the blessing of Congress.
- Part-Time Professor of Economics, The New School
If the US fails to increase its debt ceiling by June 1, it could be forced into an embarrassing – and hugely costly – default on its obligations.
House Speaker Kevin McCarthy agreed to raise the debt ceiling – and avoid an unprecedented US default – but only if Democrats agree to freeze spending and agree to several other demands.
A tax credit expansion played a big role in child poverty reduction. But the government’s failure to reach all eligible Americans meant many families never got that temporary benefit.
Republicans and Democrats have negotiated a draft deal that may avert a financial crisis, but why does the US have a debt ceiling in the first place?
Biden proposed $1.9 trillion in new coronavirus relief spending to help with the economic fallout of COVID-19. Four economists have a few ideas for him.
The US economy’s record pandemic plunge was followed swiftly by a record upswing. But what does it all mean?
Congress is spending trillions of dollars trying to rescue the US economy and support workers and businesses. Can America afford it? ‘No sweat,’ according to modern monetary theory.
Un economista especializado en desigualdad explica cómo un ingreso mínimo garantizado es justo lo que necesitan los trabajadores de bajos salarios y la economía estadounidense.
An economist specializing in inequality explains how a basic income guarantee is just what low-wage workers and the economy need.
Every Democratic presidential candidate plans to raise taxes on wealthier Americans and corporations, but they differ in how to get there.
The US hit the debt ceiling in March and is expected to run out of ways to get around the new $22 trillion limit by September. An economist explains why the ceiling is a dysfunctional relic.
Most of the gains from the record economy went to those at the top, while everyone else saw much smaller gains – if any – in income and wealth.
Just as America’s highways, sewage systems and water pipes need fixing, so does the growing gap between rich and poor. Trump and the Democrats could use that money to address both.
As Trump prepares to deliver his delayed State of the Union address, here’s what four economists had to say about the state of the union.
Stock markets have plunged in recent months on concerns over Trump’s trade war and the possibility of a recession. An economist explains how stocks are like used cars – and lemons.
While a divided Congress will likely mean gridlock, there are two economic policies likely to see significant change: trade and infrastructure.
Around 1 in 8 Americans was poor in 2017. That doesn’t compare well to other developed nations.
The collapse of an obscure corner of the financial market a decade ago foreshadowed the Great Recession. The stock-market swoon in February should offer a similar warning.
Trump touted his administration’s economic successes and laid out his immigration plan in an 80-minute speech to Congress. Our experts weigh in.
The American middle class has been on a rocky ride during the 20th century, surging after World War II but falling since the 1980s. The Republican tax plan may be its death knell.
The House just passed its version of the tax plan, which includes about US$1 trillion in cuts for corporations. The question, who will be left holding the potato?
President Trump released details of his tax plan, which would essentially benefit the wealthiest Americans by repealing the estate tax and other changes at the expense of the middle class.
The US government reached the limits of its borrowing capacity in March and is fast approaching the point at which it will no longer be able to pay all its bills. What’s the big deal?
More than half of American families aren’t able to save a dime to cover the cost of college, and the 529 college savings plan has done almost nothing to change that.
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