The U.S. relies on debt for much of its spending — but what would spending cuts look like? WSJ explains how much the Treasury relies on debt, where it goes and what happens when the Treasury hits the debt ceiling.
OTTAWA — As some vulnerable Canadians who don't file their taxes miss out on benefits, the Canada Revenue Agency is expected to pilot a new automatic system next year. This week's federal budget said the agency will also present a plan by 2024 to expand the service, following consultations with stakeholders and community organizations. The move toward automatic tax filing, first promised in the 2020 speech from the throne, is one of several budget measures the Liberals say are meant to help Cana
Russia's arrest of a journalist who detailed its economic woes is an act of desperation—and probably not the last one.
GOP lawmakers just put forth over 500 ideas on areas they might want to cut spending, with some including typos like "Educcation" and "Enironmental."
A former deputy governor of India's central bank says five big firms are hindering competition in the market.
WASHINGTON (Reuters) -U.S. House Speaker Kevin McCarthy said on Thursday that Republicans could act on their own to address the federal government's debt ceiling, after months of demands that President Joe Biden first agree to spending cuts went nowhere. In the latest sign of growing Republican exasperation over Biden's refusal to negotiate a deal on spending in exchange for a debt ceiling hike, McCarthy said his party is close to agreeing on a package that could pass the House of Representatives without participation from the president or Democrats in Congress.
"And that is a pervasive situation that exists throughout the economy, the world economy, the US economy."
TORONTO — Real estate observers say a new mortgage code of conduct promised in the federal budget will be handy for Canadians facing financial difficulties, but they still feel the economic plan was lacking needed housing affordability measures. The code of conduct announced Tuesday is meant to ensure federally regulated financial institutions will provide fair and equitable access to mortgage relief measures for people struggling to stay in their homes because of elevated interest rates. It wou
OTTAWA — Ukraine's ambassador to Canada is urging Canadian businesses to see her country's eventual recovery as an economic bonanza worth investing in. Yuliya Kovaliv says at a lunch event for corporate groups in Ottawa that her country is focused on winning the war against Russia's invasion, but that the next step will be a rebuilding of major infrastructure and services in Ukraine. She says Ukraine will need a Marshall Plan-style funding package to get back on its feet when the war ends, and C
(Bloomberg) -- Read this in Japanese: ３兆ドルの日銀黒田レガシーが逆回転の恐れ、世界の金融市場に衝撃もMost Read from Bloomberg$52 Billion Chipmaking Plan Is Racing Toward FailureNew Yorkers Are Moving to These Three Florida Cities$335,000 Pay for ‘AI Whisperer’ Jobs Appears in Red-Hot MarketScotiabank Economist Excoriates Trudeau, Freeland Over $32 Billion Spending BoostFBI Releases Files on Ivana TrumpBank of Japan Governor Haruhiko Kuroda changed the course of global markets when he unleashed a $3.4 trillion firehose of Japa
(Bloomberg) -- Global credit investors are jumping back into bank bonds following a sector-wide rout — though concerns about additional tier 1 debt remain.Most Read from BloombergTrump Faces Fingerprints, Mug Shots After Historic Indictment$52 Billion Chipmaking Plan Is Racing Toward FailureNew Yorkers Are Moving to These Three Florida Cities$335,000 Pay for ‘AI Whisperer’ Jobs Appears in Red-Hot MarketA $3 Trillion Threat to Global Financial Markets Looms in JapanMoney managers from T. Rowe Pri
Hungary's government aims to phase out price caps on basic food and mortgage rates gradually as inflation slows, Prime Minister Viktor Orban said on Friday, without giving an exact timeline. Orban is facing his biggest challenge since coming to power in 2010 as the economy slows sharply, with the central bank's interest rates at the highest in the European Union and annual inflation running at more than 25%. Orban said the price caps his government introduced were "useful" in fighting inflation but were also causing market disturbances and the government was working on plans on how to phase them out.
WASHINGTON (Reuters) -Senate Energy Committee Chair Joe Manchin said on Wednesday he may go to court after the U.S. Treasury releases guidance later this week on battery sourcing guidance for electric vehicle tax credits. "If it goes off the rails" and violates the intent of the climate legislation approved in August, "I will do whatever I can - if that means going to court and I can do it, I'd do it," said Manchin, a Democrat. Manchin said he is most concerned about how Treasury will classify processing and manufacturing in determining eligibility for $7,500 EV tax credits.
This federal government is all-in on spending and borrowing
The Canadian dollar weakened against its U.S. counterpart on Friday, but the currency was holding near its strongest level in more than five weeks as domestic data showed that the economy grew at a faster-than-expected pace at the start of the year. The 2-year bond rose 2.6 basis points to 3.799%, clawing back some of this month's decline.
The pound has surged to become the best performing currency among developed economies this year with the Bank of England expected to carry on raising interest rates.
Top economist David Rosenberg warned that corporate profits are shrinking, which doesn't bode well for stocks and is bad news for the US economy.
OTTAWA (Reuters) -The Canadian economy grew more than expected in January and is seen expanding further in February, data showed on Friday, results that are likely to fuel concern by the central bank that inflation has yet to be fully tamed. The economy gained by 0.5% in January, ahead of analysts' forecasts of a 0.3% rise, after contracting 0.1% in December, Statistics Canada said. February gross domestic product likely increased 0.3%, Statscan said in a flash estimate.
Russia's economy is set for a shallower contraction this year than previously thought, a Reuters poll showed on Friday, but above-target inflation will prevent the central bank from trimming its key rate, squeezing growth prospects. Russia's economy proved resilient in the face of tough Western sanctions imposed after Moscow sent tens of thousands of troops into Ukraine in February last year, but a return to pre-conflict levels of prosperity may be far off as more government spending is directed towards the military. Sergey Konygin, chief economist at Sinara Investment Bank, expects GDP growth of 0.5% in 2023, above the consensus forecast and in spite of deteriorating domestic demand.
"This is absolutely going to result in a hard landing, it's just when that happens and when the Fed can respond."
When Monica Moore went home shopping in 2020, she knew she wouldn't be able to afford a house in Vancouver. The product designer, now 28, considers herself lucky. With some financial help from her parents, she was able to purchase a two-bedroom condo in North Vancouver, where she now lives with her husband. But even though she recently commanded a salary well over $200,000 a year — putting her near the top one per cent of earners in Canada — she said she feels she still can't afford a house in t
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