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Biden and Democrats want to raise limit without conditionsWhat is the US debt ceiling and what happens if it isn’t raised?Sign up to receive First Thing – our daily briefing by emailUrban Institute economist Len Burman has a reality check for those in …
Sector reacts to post-pandemic shift in digital spending and gloomy economic outlook for 2023Microsoft is cutting 10,000 jobs as it cited a post-pandemic shift in digital spending habits and weakness in the global economy.The tech group joined a list o…
The US home retailer, once worth $17bn, looks destined to enter chapter 11 despite a market rally this week. What went wrong?Bed Bath & Beyond, the pioneering home goods retailer, appears to be heading for bankruptcy. But you wouldn’t necessarily k…
Janet Yellen told Congress that ‘extraordinary measures’ would be taken to avoid default until legislation is passed to raise ceilingJanet Yellen, the US treasury secretary, has notified Congress that the US is projected to reach its debt limit on Thur…
According to latest consumer price index, cost of living dropped 0.1% in December while inflation rate fell from 7.1% in NovemberPrices dropped in the US in December for the first time since May 2020, in an encouraging sign that the inflation crisis ma…
Campaigners say bank should rush to rescue countries facing recession – but can it do so without resulting in mass debt write-offs?Not since the early 1990s has the world faced such a period of low growth.Discounting the havoc caused by the financial c…
Continued strength of jobs market comes as Fed struggles to cool hiring and bring down inflation by raising interest rates The US jobs market ended 2022 on a high note, adding another 223,000 jobs in December, the department of labor reported on Friday…