Economy

Then-House Majority Whip Kevin McCarthy joined by House Majority Leader Eric Cantor in 2013..

Debt ceiling: 2011 showdown leaves lessons for Biden, GOP

Democrats are pushing to raise the debt ceiling β€” now at $31T β€”to allow more borrowing, while Republicans are countering with proposed spending cuts.

 | AP and Scripps News Staff

Treasury Sec. Janet Yellen

Congress, Treasury plan to address US hitting debt ceiling

The U.S. has never hit the cap on how much money it can borrow before, and experts say it would have "catastrophic" economic consequences if it does.

 | Bianca Facchinei

The U.S. Capitol

House Passes $1.7 Trillion Spending Bill

The $1.7 trillion spending bill finances federal agencies through September and provides more aid to Ukraine. It now heads to President Biden.

 | AP

A man holds a sign during a news conference on the Child Tax Credit

Decision On Long-Shot Push For Revised Child Tax Credit Expected Soon

Some lawmakers are trying to sneak a version of the expanded child tax credit back into law by including it in the federal budget.

 | Joe St. George

Woman shopping for produce at a grocery store.

Fed Set To Extend Inflation Fight With 7th Rate Hike Of 2022

The Federal Reserve is expected to impose more rate hikes next year than it had previously forecast to combat the worst inflation in 40 years.

 | AP

President Joe Biden signs H.J.Res.100, a bill that aims to avert a freight rail strike.

Rail Strike Averted: Biden Signs Bill Enforcing Agreement

President Biden signed the measure Friday after it was approved Thursday by the Senate and Wednesday by the House.

 | AP and Scripps News Staff

British Chancellor Jeremy Hunt.

U.K. Announces Tax Hikes And Spending Cuts To Restore Finances

Treasury chief Jeremy Hunt imposed $65 billion in tax increases and spending cuts as the U.K. looks to put its finances on a sustainable path.

 | AP

Gas prices are shown.

Major Diesel Supplier Warns Of Shortage, Higher Prices

Some stakeholders say the U.S. government needs to increase production and expand leasing to oil drilling to avoid a diesel shortage.

 | James Packard

Federal Reserve Chair Jerome Powell

Fed Unleashes Another Big Rate Hike But Hints At A Pullback

The Fed's move raised its key short-term rate to its highest level in 15 years.

 | AP

A hiring sign hangs in a window.

New York City Employers Are Now Required To Disclose Salary Ranges

New York City employers now must disclose salary ranges for every job posting, promotion and transfer opportunity.

 | Axel Turcios

Twenty dollar bills are counted.

20 States Are Sending Out Stimulus Checks To Eligible Residents

Twenty states have or will dole out financial relief to certain residents. Find out if your state is sending out stimulus money and who is eligible.

 | Tricia Goss

Students sit in a lecture hall.

The Cost Of An American Education Is Rising To Dangerous Levels

The expense of college with the cost of living is pushing some students into homelessness.

 | James Packard

President Joe Biden speaks about student loan debt relief at Delaware State University

Court Temporarily Blocks Pres. Biden's Student Loan Forgiveness

The Eighth Circuit Court of Appeals issued the stay Friday evening, temporarily blocking the Biden administration's loan forgiveness program.

 | AP and Stephanie Sandoval

Credit cards are shown.

Americans Are Using More Credit As Prices, Interest Rates Rise

The U.S. has its highest credit card debt in more than 20 years, as daily consumer prices continue to rise.

 | James Packard

A portion of the 1040 U.S. Individual Income Tax Return form is shown.

The IRS Will Let You Keep More Of Your Paycheck In 2023

All seven tax bracket levels will be revised upwards in 2023, allowing filers to shield more of their money from taxes.

 | James Packard

President Joe Biden speaks during a Democratic National Committee event.

Pres. Biden To Release 15M Barrels From Oil Reserve, More Possible

President Joe Biden will open to the door to more oil reserves this winter to keep prices down, while the strategic reserve hits a low.

 | AP

Money is shown.

Though Recession Fears Are Increasing, Evidence Is Still Lacking

A Bloomberg prediction says a recession is 100% certain, while other economists say spending and market factors are evidence against that theory.

 | James Packard

A trader stands outside the New York Stock Exchange

Stocks Surge On Wall Street; U.K. Tax Retreat Welcomed

European markets were also broadly higher, and most Asian markets gained ground after a volatile week that closed with most major indexes in the red.

 | AP

U.S. President Joe Biden.

White House Seeks To Fend Off Recession Fears Ahead Of Elections

In a new survey, economists predict a 63% chance of a recession in the next 12 months, up from 49% in July.

 | Kellan Howell

U.S. President Joe Biden.

Biden: Truss Plan A 'Mistake' Amid 'Worldwide Inflation'

President Biden's comments are an unusual criticism by a U.S. president of the domestic policy decisions of one of its closest allies.

 | AP

Vicki Yslas, 64, has two grandchildren living with her.

Some Fear How The 8.7% Hike To Social Security Checks Will Affect Them

Some people fear their rent may increase as it is calculated based on their income.

 | Stephanie Sandoval

President Joe Biden speaks in front of a California state flag.

President Biden Tries To Positively Spin Dismal Inflation Report

Speaking in Los Angeles, President Joe Biden argued the consumer price index report showed progress but that there is work to be done.

 | James Packard

People watch as the sun sets

Social Security Cost-Of-Living Adjustment To Be Announced Thursday

If experts' predictions are accurate, it would be the biggest jump since 1981 β€” adding an extra $146 per month to the average payment.

 | Bianca Facchinei

President Joe Biden

Biden Preaches Patience To Voters Spooked By Economic Tumult

Democratic candidates are facing relentless criticism from Republicans who want to make the election a referendum on the president's performance.

 | AP

Gas prices are advertised.

Gas Prices Are Going Up As OPEC Cuts Oil Production

Gas prices are on the come up again, and in states like California, drivers are starting to really feel the pinch.

 | James Packard

Activists hold signs during a news conference on student debt cancellation on Capitol Hill in Washington

Why Is Student Loan Forgiveness Happening Now?

Many Americans have been asking for years for the government to cancel student loan debt, but why is it happening now?

 | Kellan Howell

Trays of printed social security checks waiting to be mailed

Social Security Cost-Of-Living Benefits Set To Increase Significantly

Right now, the expectation is the adjustment in 2023 will be 8.7%. That's according to the Senior Citizens League.

 | Joe St. George

Federal Reserve Bank of San Francisco President and CEO Mary C. Daly

San Francisco Fed Reserve CEO: High Inflation Makes Economy Fragile

Federal Reserve Bank of San Francisco President and CEO Mary C. Daly discusses the state of the U.S. economy.

 | Scripps News Staff

President Joe Biden and Medicare recipient Bob Parant.

Millions Of Americans Will Save On Medicare Fees Next Year

A rare 3% drop in monthly premiums is likely to be paired with a historically high cost-of-living increase for millions of Social Security recipients.

 | AP and Scripps News Staff

U.S. President Joe Biden and Education Secretary Miguel Cardona.

Libertarian Group Sues To Block Biden's Student Debt Forgiveness Plan

Advocacy group Pacific Legal Foundation filed the lawsuit, arguing that the White House's debt cancellation plan was not approved by Congress.

 | Scripps News Staff and AP