In 2008, the U.S. economy was already reeling from the burst housing bubble, a liquidity crunch, and large financial institutions teetering on the edge of failure. Starting that September, the confluence of all those factors “culminated in a string of unprecedented events and government interventions” that marked the escalation of the financial crisis.
Today the U.S. Commerce Department announced the nation’s economy expanded at a 2.5 percent annual rate in the second quarter of 2013.
The Congressional Budget Office announced yesterday the budget deficit for the first 10 months of fiscal year 2013 totaled $606 billion. Today in “Breaking It Down” we put that number in context.
According to Fox News, 71% of registered voters think the federal government has too much power.
The national debt has increased nearly $1 trillion over the last year, about $3,200 (in just one year!) for every man, woman and child in the U.S.
All is not well in North Carolina, according to incoming governor-elect Pat McCrory. Addressing the state’s economic woes in Durham on Wednesday, NewsObserver reports that the state’s $2.5 billion in unemployment insurance debt and high unemployment had McCrory less than optimistic about the immediate future.
It can be difficult to write up a budget when a cloud of uncertainty is hovering over the economy. That’s currently the situation Ohio budget director Tim Keen is finding himself in.
According to Rasmussen, 65% of likely voters think thoughtful spending cuts should be considered in every program of the federal government. Just 20% disagree; 15% are undecided.
A roundup of this morning’s must-read budget and economic stories.
Yesterday, the non-partisan Congressional Budget Office (CBO) released its update for the budget and economic outlook. A few takeaways from the report.