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Treasury Moves to Buy Time Under Debt Ceiling

The U.S. Treasury on Wednesday announced the first of a potential series of emergency cash measures to allow the government to keep paying the nation's bills once a temporary suspension of the debt ceiling lapses this weekend.To avoid running out of room to borrow, the Treasury Department said it will suspend issuance of state and local government series securities, known as "slugs", beginning on Friday at noon.Slugs are low-interest Treasury securities offered to state and local governments to invest proceeds from municipal bond sales. They have been suspended eight times over the last 20 years to avoid hitting the debt ceiling, most recently last December.Emergency cash maneuvers buy more time for the administration and Congress to negotiate an increase in the legal limit on the nation's debt. Ultimately, an impasse could lead to a debt default that would shake global financial markets.Republicans in Congress want to use the need to raise the borrowing cap as leverage to seek fresh b...

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  1. CBO Says 2013 U.S. Budget Deficit Estimated at $642 Billion

    The Congressional Budget Office said Tuesday the federal deficit is expected to shrink to $642 billion in the fiscal year that ends Sept. 30, down sharply from last ...

  2. Medicare Overpaid $529 Million for Anemia Drugs in 2011 - Report

    Medicare paid $529 million more than it should have for antianemia drugs used in the treatment of kidney dialysis patients, a new government report finds, putting fu...

  3. U.S. Budget Surplus Ticked Up in April

    April's U.S. budget surplus was bigger than a year ago and the federal government ran a much smaller deficit in the first seven months of the current fiscal year tha...

  4. Health Care Stocks: The Patient is Improving

    The prognosis for health care stocks is rosy.After riding a wave of uncertainty, health care company vital signals are now turning favorable. President Barack Obama'...

  5. U.S. Budget Deficit Narrows Markedly In March

    The U.S. government ran a budget deficit of $106.5 billion in March, which was $91.7 billion smaller than the gap between spending and revenues in March 2012, the Tr...

  6. Coming Up: U.S. Budget Data For March

    Economists expect signs of an improving budget deficit in the Treasury Department's March budget statement due Wednesday. The Congressional Budget Office estimated t...

  7. Obama Budget to Include Changes Unpopular With Democrats

    President Barack Obama will include in his budget proposal next week a number of tax and spending changes, including new limits on the growth of Social Security bene...

  8. Love it or Hate It, QE3 is Working

    The Federal Reserve's aggressive easing of monetary policy is proving surprisingly effective at blunting the blow to the U.S. economy from tighter fiscal policy, acc...

  9. SMB's Must Stay Within Budget, What About Government?

    Opinion: The business community, especially small businesses, simply can’t operate and plan ahead under the constant cloud of skyrocketing deficits, last minute debt deals, and credit downgrade threats.

  10. Fisker Co-Founder Resigns from Company

    FBN’s Sandra Smith on Fisker Automotive founder Henrik Fisker leaving the company amid clashes with executives.

  11. February Budget Deficit $203.5 Billion: Treasury

    The U.S. government ran a budget deficit of $203.5 billion in February, down 12% from the same month last year, the Treasury Department reported on Wednesday. The na...

  12. Coming Up: U.S. February Budget Data

    The U.S. Treasury likely will report a deficit close to $200 billion in February, down from a shortfall of $232 billion in the same month in 2012. The Treasury Depar...

  1. MARKET SNAPSHOT: U.S. Stocks Rise For Another Record Close

    U.S. stocks rose Wednesday, with hopes for ongoing central-bank stimulus bolstering sentiment amid economic reports illustrating a contraction in manufacturing."It s...

  2. MARKET SNAPSHOT: U.S. Stocks Rise; Another Record Close Possible

    U.S. stocks mostly rose Wednesday, with hopes for ongoing central-bank stimulus-bolstering sentiment amid economic reports illustrating a contraction in manufacturin...

  3. MARKET SNAPSHOT: Stocks Turn Higher As Builder Sentiment Rises

    U.S. stocks turned higher Wednesday after a gauge of home-builder sentiment gained in May, offsetting an unexpected contraction in New York-area manufacturing.Wednes...

  4. MARKET SNAPSHOT: U.S. Stocks Trim Drop; Builder Sentiment Rises

    U.S. stocks moderated Wednesday losses after a gauge of home-builder sentiment gained in May, offsetting an unexpected contraction in New York-area manufacturing.The...

  5. MARKET SNAPSHOT: U.S. Stocks Edge Lower As Data Disappoint

    U.S. stocks declined on Wednesday, retreating a day after another record-setting rally, as data showed an unexpected contraction in New York-area manufacturing.The N...

  6. Asian Shares Mixed, Nikkei Hits Fresh High

    Yen weakness pushed the Nikkei above 15,000 points for the first time in more than five years, with Sony Corp. jumping on a proposal to spin off its entertainment bu...

  7. Gold and Silver Struggle As Stocks Make New All-Time Highs

    On Tuesday, gold ( NYSEARCA:GLD ) futures for June delivery, the most active contract, declined $9.80 to close at $1,424.50 per ounce, while silver ( NYSEARCA:SLV ) ...

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