In a much awaited landmark ruling, the Supreme Court announced today the Affordable Care Act (ie. president’s health care bill) is largely constitutional. Of note, the individual mandate was upheld and requiring states to join a massive Medicare expansion was overturned.
The Congressional Budget Office (CBO) fired off a warning Tuesday to our nation and its leaders in Washington. The CBO told us that the United States of America is headed toward a fiscal cliff and that we do indeed fall off, it will have profound effects on our country and world economy.
When purchasing large amounts of U.S. debt, you generally must use a primary dealer to bid on that debt at Treasury auctions. Many of the primary dealers are large firms and banks on Wall Street. But not all of them. Since mid-2011, China has been purchasing U.S. debt directly from the Treasury Department.
Gallup/USA Today asked adults how they feel about the economy today and how they think the economy will look one year from now. The results were near mirror images. Only 29% of adults rated today’s economy as good; 71% said it is poor.