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Prioritizing which US bills to pay would be 'chaos': Lew

Last Updated: Thursday, October 10, 2013, 23:12

The Obama administration said on Thursday that a looming US default would hit everyone from Social Security pensioners to bondholders and urged Congress to raise a cap on government borrowing to avoid a crisis.

Republicans shift focus away from Obamacare toward fiscal issues

Last Updated: Thursday, October 10, 2013, 22:16

In a shift some Republicans hope will strengthen their hand in the fight over the US debt limit, some of the party's leaders in the House of Representatives are playing down demands to weaken "Obamacare" and focusing instead on calls to rein in deficits.

Barack Obama warns Wall Street over fiscal crisis

Last Updated: Thursday, October 03, 2013, 08:51

President Barack Obama has sent Wall Street a blunt warning that it should be very worried about a political crisis that has shut down the government and could trigger a US debt default.

US economy shrinks 0.1% in Dec qtr; first time in over 3 years

Last Updated: Wednesday, January 30, 2013, 22:40

The unexpected contraction adds to the concerns about the struggling global economy which is already battling the European debt turmoil and slowing growth in many developing countries including India.

America's deficit problem is more than fiscal: US economist

Last Updated: Saturday, January 26, 2013, 12:11

The US needs to address its budget deficit, but measures to be taken should not bring counterproductive effects as the nation also face jobs and growth "deficits", said Lawrence Summer, a US economist and President Barack Obama's former economic adviser.

Warren Buffett rules out recession if Congress can’t deal with fiscal cliff

Last Updated: Thursday, November 15, 2012, 20:30

American business magnate Warren Buffett has said there ‘won’t be a recession’ if Congress can't resolve the so-called fiscal cliff before the automatic tax increases and spending cuts take effect in January.

US budget deficit to dip to $1.1 trillion

Last Updated: Wednesday, February 01, 2012, 00:25

A new budget report released on Tuesday predicts the US government will run a USD 1.1 trillion deficit in the fiscal year that ends in September, a slight dip from last year but still very high by any measure.