U.S. Treasury Secretary says Europe has made "significant progress" in reducing sovereign-debt concerns
- Geithner: European debt crisis is easing
U.S. Treasury Secretary says Europe has made "significant progress" in reducing sovereign-debt concerns
- Greek citizens bear brunt of massive spending cuts
Demonstrations outside of the Greek parliament turned violent after the government approved massive spending cuts worth $430 billion. Elizabeth Palmer reports on who the cuts will hurt the most.
Watch Video » - UK sinking back into recession
New economic data shows that the British economy is on the verge of a "double-dip"
- US consumers making progress in paring debt
Another sign the economy is healing -- Americans are making rapid strides in shedding debt
- House denies debt limit hike -- but no matter
House of Representatives votes to deny $1.2 trillion debt limit increase, but it's just a symbolic move
- Obama notifies Congress of debt limit hike
With the government in need of more money to borrow, Obama notified Congress Thursday that the debt limit needs to be raised again
- Report: GOP tax plans add to debt, favor rich
Study finds tax plans from Mitt Romney, Newt Gingrich and Rick Perry would favor millionaires, add to national debt
- France stares down barrel of credit downgrade
Three days into 2012, the eurozone already faces fresh concerns that French government debt is set to lose its AAA rating
- Obama to seek $1.2T debt limit increase this week
Under terms of August debt limit deal, Congress will have 15 days to disapprove or U.S. will be able to borrow another $1.2 trillion
- Grand illusion: Why Europe should question wisdom of "austerity"
The EU's fate may hinge not on Germany, but on a key experiment in macroeconomic strategy being conducted in tiny Latvia
- Why Merkel and Sarkozy are kidding themselves
As the eurozone burns, French and German leaders want to fiddle with the treaty that created the common currency -- but here's why it won't work
- Senate Dems to offer GOP new tax cut proposal
Senate Democrats will offer a new compromise proposal to Republicans that would extend the popular payroll tax cut. Betty Nguyen reports
Watch Video » - Bullfight: Why the financial market rally looks vulnerable
A move by central bankers to aid large financial institutions may stem investor panic, but it won't cure global economic woes
- Central banks' safety net won't save Europe from austerity
A move by monetary authorities to backstop shaky banks buys the eurozone time, but it may do little to boost growth
- Why your taxes may go up next year
Congressional Democrats have introduced a bill to extend a payroll tax "holiday"; so why are Republicans eager to kill it?
- Congress races clock on unemployment, tax cuts
With the failure of the "supercommittee" to reach an agreement on cutting the deficit, members of Congress have barely a month to address unemployment and tax cuts. Whit Johnson reports on the latest details.
Watch Video » - How automatic defense cuts would hit U.S.
Cuts triggered by Congress failing to cut budget will reduce defense spending by $1 trillion during next decade
- S&P;: No cut in U.S. credit rating, yet
Agency says current credit rating is based on expectation that automatic spending cuts will take effect in January 2013
- Huzzah! Supercommittee's failure is good news
The deficit-reduction panel was doomed from the start -- fortunately
- Kerry says Dems' consciences "clear"
After last minute negotiations were abandoned by the "supercommittee," Sen. John Kerry (D-Mass.) told CBS News' Nancy Cordes, Democrats' consciences are clear because they "bent over backwards" to work with Republicans on spending, blaming the stalemate on the Bush tax cuts.
Watch Video » - Focus on defense cuts after deficit panel fails
After supercommittee announced it would not be able to reach deficit reduction deal, some lawmakers say they want triggers changed
- American Express CEO to Congress: Face reality
Scott Pelley speaks with American Express CEO Ken Chenault about the failure of the Congressional supercommittee and Washington's problems handling the economy.
Watch Video » - Supercommittee failure risks another recession
The failure of U.S. and European governments to deal with their debts sent stock prices sharply lower, and as Anthony Mason reports, could cut the nation's GDP and risk another recession.
Watch Video » - Supercommittee fails to reach agreement
Despite hundreds of hours behind closed-door meetings, the Congressional supercommittee, in charge of making cuts to reduce the country's growing deficit, failed to reach a bipartisan agreement before the deadline. Nancy Cordes reports.
Watch Video » - Super failure: Who does Obama blame?
President Obama on Monday linked the failure of the supercommittee to Republicans in Congress who "refuse to listen to the voices of reason and compromise."
Watch Video » - Obama: I will veto effort to undo automatic cuts
After supercommittee admits failure, Obama says $1.2T in cuts will happen "one way or another," warns "there will be no easy off ramps"
- Obama threatens veto
After the supercommittee failed to reach a deal to reduce the deficit, President Obama on Monday said he'll block attempts already in the works to undo automatic spending cuts.
Watch Video » - Supercommittee fails on debt deal, Obama speaks out
President Obama on Monday said there's no "imminent threat to us defaulting on the debt that we owe," and more than one trillion dollars in spending cuts are already locked in. President Obama linked the failure to Republicans unwillingness to compromise on tax increases.
Watch Video » - Obama addresses supercommittee's failure
President Obama addressed the failure of the Congressional supercommittee's failure to reach an agreement on cuts to reduce the nation's deficit and vowed to veto any attempt to undo automatic spending cuts set for 2013. Scott Pelley reports.
Watch Video » - Supercommittee makes it official: No deal
Citing inability to bridge "significant differences," bipartisan committee says they are unable to reach agreement to cut deficit by $1.2T
- Stocks plunge as supercommittee failure looms
Dow closes down 249 points as information that supercommittee will not solve budget deficit seems plausible; S&P;, Nasdaq lose about 2 percent
- Supercommittee takes final stab at negotiation
Committee members meet in last-ditch effort to reach deficit agreement - but aides say prospects of a deal are slim
- Lawmakers already taking aim at auto-cuts
Senior senators who forged deal to trigger sweeping cuts if debt supercommittee fails now laying groundwork for a retreat
- Mission unaccomplished: Debt panel nears failure
Hope for $1.2T in deficit reductions appears exhausted; Debt panel likely to acknowledge defeat
- Despite mixed signals, U.S. economy shows signs of life
The economic tea leaves are promising for once -- provided Europe doesn't implode
- Signs of progress in debt talks non-existent
On the Sunday talk shows, supercommittee members seemed resigned to their missed opportunity
- Manchin: Congress wants Bowles-Simpson revival
West Virginia Dem says supercommittee must "step aside" if they can't make a deal, pushes for re-introduction of Bowles-Simpson plan
- Amid rancor, debt deal edges toward failure
Supercommittee members blame each other as stalemate over deficit reduction plan continues
- Toomey: Deficit deal will be "very difficult"
Republican Senator says it's "still possible" for supercommittee to reach deal but that "time is short now"
- Manchin: Supercommitte must step aside after failure
Sen. Joe Manchin (D-WV) spoke with Bob Schieffer on what will happen if the congressional supercomittee fails to reach an agreement on making spending cuts.
Watch Video » - Supercommittee failure would leave bad choices
Congress will have to either massively increase nation's debt, or cut jobless aid for millions if supercommittee fails
- Will Gingrich's surge in the polls last?
National Journal's Mark Ambinder, Politico's Jonathan Martin and Time Magazine's Michael Sherer discuss Newt Gingrich with CBS News Political Director John Dickerson
- One week away: Can supercommittee compromise?
Both Democrats and Republicans call on the other side to act in order to reach deal before Thanksgiving deadline
- National debt crosses $15 trillion mark
Public debt crosses $15 trillion milestone; Herman Cain blasts Obama's "immoral" spending policies
- Is Boehner giving up on the supercommittee?
Seemingly losing faith in the congressional deficit panel, the House Speaker may be switching to plan B -- damage control
- Can supercommittee still "go big" on debt deal?
With time running out for the supercommittee to find 1.2 trillion dollars in savings over the next decade, CBS News Congressional correspondent Nancy Cordes, asked supercommitte member Rep. Chris Van Hollen (D-MD.) if it's too late to "go big" on a deal.
Watch Video » - Obama drops "hands off" supercommittee approach
President Obama phoned both Sen. Patty Murray and Rep. Jeb Hensarling and urged them to reach a deal
- Supercommittee deadline ticking away
Rep. Xavier Becerra tells Nancy Cordes distance remains between Democratic and Republican proposals
- Dem: Without job creation super committee fails
CBS News Congressional correspondent Nancy Cordes spoke with super committee member Rep. Xavier Becerra (D-Calif.) about what the status of negotiations is.
Watch Video »
CBSNews.com takes a look back at 70 years of debt, spending and default in the U.S. budget
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