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Hopes were dashed this week for bold congressional action to slow the growth of Americas $15 trillion national debt. A special bipartisan committee failed to agree on ways to trim the deficit by $1.2 trillion. But if Congress has shown itself incapab
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WASHINGTON, March 3 (Xinhua) -- U.S. Senate Republican leader Mitch McConnell on Sunday said that he opposed raising taxes to solve U.S. government's spending problem and replace the ongoing government's spending cuts. We have a spending addiction in
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The European Union is heightening its pressure on Hungary for reforms, saying that it has failed to effectively control its budget deficit and that its new constitution may be unlawful. EU economy minister Olli Rehn said Wednesday that the Budapest g
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WASHINGTON, Feb. 25 (Xinhua) -- U.S. President Barack Obama on Monday urged lawmakers to adopt smart government spending cuts to reduce economic uncertainty and bolster economic growth. The uncertainty caused by the government spending cuts is alread
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U.S. lawmakers say time is running out for a congressional super committee to identify $1.2 trillion in deficit reduction during the next 10 years. Partisan disagreements remain on how best to improve Americas fiscal health, despite a softening of ri
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Spain is getting ready to start the new year with a new round of austerity measures, hoping to contain a growing deficit. The country's new government announced $11.5 billion in fresh spending cuts Friday, saying the budget was in worse shape than th
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