On Monday, the US reached its legal debt limit of $18 trillion, more than the country’s entire GDP. Lawmakers will either have to again lift it, or attempt to cap spending. As of March 12, the US Treasury reported federal debt at $18,114,324,000,000.00 in its daily treasury statement. This figure is above the statutory debt limit, which was extended by Congress through March 15 this year. Treasury... 

US President Obama on Sunday insisted that the nation needs additional tax revenue, some of which the government could acquire by closing or reducing loopholes and deductions. “There is no doubt we need additional revenue, coupled with smart spending reductions in order to bring down our deficit,” the president said in an interview aired on CBS. “And we can do it in a gradual way so that it... 

Michelle Obama recently revealed that she and President Obama don’t give Christmas gifts to each other. They merely say, “We’re in Hawaii,” and that’s Christmas gift enough. But actually the present is from taxpayers, and it’s an expensive one. The total cost to taxpayers of Obama’s vacations to Hawaii since becoming president is likely in excess of $20 million, and possibly much, much... 

President Barack Obama wasn’t lying when he said he’d raise taxes on the wealthiest Americans if reelected — but it won’t be just the top wage-earners who will be handing over more to Uncle Sam in 2013. Under a last minute Capitol Hill agreement expected to avert the much-feared ‘fiscal cliff’ disaster that has dominated politics in recent weeks, working Americans across the board will... 

After Republicans dropped their demands for additional spending cuts the House approved legislation meant to avert the ‘fiscal cliff’. The representatives lined up 257 to 167 in favor of the bill. ­Earlier, the House Republicans expressed their opposition to the measure to avert the ‘fiscal cliff’ in its current form. GOP leaders were considering an amendment that would add some $330 million... 

US President Barack Obama is to have a meeting with Congressional leaders in an attempt to break the deadlock over the looming ‘fiscal cliff.’ Obama will hold talks with Senate Majority Leader Harry Reid, and Senate Minority Leader Mitch McConnell on Friday, a White House official said. Republican House Speaker John Boehner and House Minority Leader Nancy Pelosi will also attend the meeting that...